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 :
1 times
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- REGARDING SECTION 44AE
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
