I was Claiming HRA with rental income for my rented house. Now I am getting a house from my Uncle (Mother side) by way of his will. Which is also away about 30 KMs from City center as well as my working area, which makes me difficult to live. Understood from some friends that the HRA claim is not allowed if two property owned.
1. Do I eligible to continue my HRA claim as it is inheritance?
2. Can I rent it out & add on to the rental income to claim the HRA benifit?
3. If I gift it to my blood relative, will that attract income tax / Short term tax / Any other tax?
PS: My uncle was not a tax assessee OR PAN card holder.
Thanks in Advance.
Srinivas
CAclubindia
