house rent income

Page no : 3

ketan (lecturer) (63 Points)
Replied 30 July 2017

so I have to pay tax by 20% rd

ketan (lecturer) (63 Points)
Replied 30 July 2017

so I have to pay tax by 20% 33100

ketan (lecturer) (63 Points)
Replied 30 July 2017

If I transfer 50 % share of house to my wife and take rent in his name I have to pay tax accordingly

CA Rashmi Gandhi (Chartered Accountant) (86280 Points)
Replied 30 July 2017

Ketan what you want to know exactly....

ketan (lecturer) (63 Points)
Replied 30 July 2017

I want to decrease the tax

CA Rashmi Gandhi (Chartered Accountant) (86280 Points)
Replied 30 July 2017

For that you have to consult some CA or consultant personally, so you can discuss each & every thing & plan your tax.

rama krishnan (12234 Points)
Replied 30 July 2017

Attn ms. Rashmi : 10[13A] any special allowance specifically granted to an assessee by his employer to meet expenditure actually incurred on payment of rent [by whatever name called] in respect of residential accommodation occupied by the assessee, to such extent as may be prescribed50 having regard to the area or place in which such accommodation is situate and other relevant considerations.

Explanation.—For the removal of doubts, it is hereby declared that nothing contained in this clause shall apply in a case where—

[a] the residential accommodation occupied by the assessee is owned by him ; or

[b] the assessee has not actually incurred expenditure on payment of rent [by whatever name called] in respect of the residential accommodation occupied by him ;

there is no bar for mr. Ketan to claim hra exemption even income tax law does not bar assessee from claiming hra exemption when the assessee receives hra. it is the employer, who has to cut the hr allowance. but if the employer pays him hra then he has every right to claim exemption on it.

In respect of his own house also mr. Ketan is offering the rental income for taxation instead of claiming net annual value as nil (net annual value of house property remain vacant throughout the year on account of employment at different place is deemed as nil). actually mr. Ketan is not eligible for hr allowance since he owns residential property in the same city where he resides but when the same is allowed by his employer, then he is eligible to claim hra exemption . this is my point of view

correct me if I am wrong