Someone is working in an Organisation (in metro city) with good salary, where he gets House Rent Allowances as 35,000/- but he stays in a accomodation of having a Rent of 7,500/-
Now he wants save that amount through submitting false Rent receipt to his employers, where he wants to arrange as follows like
1. Did false rent agreement with someone in his relation (retired 4m job, who earned lif through a maximum salary of Rs 15000/- only)
2. Arranged to file tax return on his (retired person) behalf in every year
So Guys , let me advise ..
Is advisable to save money by making this arrangementfrom income tax point of view.. ?
Is there chance of any negative impact will come by income tax dept.?
Is advisable to that retired person, who had no income excess of 180000/- in life time and want to enter this false agreement.
Is it not surprise from income tax that if someone let out it house in metro city for 35000/- per month then definaely property will be value excess of 15/30 lac slab to file wealth tax return...
So friends...Lets have a read and understand the above matter fully and then please advise , is it advisable to whom/what ?????
CAclubindia
