Rented housing Property and HUF
This query is : Resolved
03 February 2022
I am a salaried person and have 2 housing properties in Pune City.
Both Properties are purchased by me (not gifted or not from ancestors) . One property is rented while the other is self occupied .
I need to pay huge tax on rent income received from the flat . One of my friend suggest me that apply for HUF PAN card ( as I am married and having son ) and Bank account against HUF PAN card. Tenant will pay rent in HUF bank account and also he will declare my HUF PAN card number while filling his ITR . Also he suggest to file separate ITR for HFU PAN card.
I just want your guidance if this help me for save Tax? Is this information correct ?
Both Properties are purchased by me (not gifted or not from ancestors) . One property is rented while the other is self occupied .
I need to pay huge tax on rent income received from the flat . One of my friend suggest me that apply for HUF PAN card ( as I am married and having son ) and Bank account against HUF PAN card. Tenant will pay rent in HUF bank account and also he will declare my HUF PAN card number while filling his ITR . Also he suggest to file separate ITR for HFU PAN card.
I just want your guidance if this help me for save Tax? Is this information correct ?
03 February 2022
Its half truth.
As you are owner of the properties (as of now), you cannot divert your rental income to HUF. Finally it will be clubbed to your ITR.
Had one of the property belonged to HUF, the rent income could have been assessed under HUF PAN.
As you are owner of the properties (as of now), you cannot divert your rental income to HUF. Finally it will be clubbed to your ITR.
Had one of the property belonged to HUF, the rent income could have been assessed under HUF PAN.
Message likes :
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03 February 2022
Thank you sir . So Ideally there is no way to save tax on rented income unless I transfer this property to my wife/son ?
03 February 2022
(In case of Gift) ... Not wife, but to major son.
As in case of wife (& minor son) clubbing provision will be applicable.
As in case of wife (& minor son) clubbing provision will be applicable.
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