Dependant retired personell-rental income

This query is : Resolved

Sanjay Sharma (Querist)
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02 August 2017 Hi I am a retired person. I am totally dependant on my son.

I had brought house in 2007 with help from my son in my name.

My son transfers monthly home loan emi to my account and from there it is transferred via standing instruction to my home loan account.

I did not file any return since 2007 because I did not had any income as such, But since last two years I have rented out my house to a professional and I am getting monthly rent in my account.
But TDS is also getting deducted from the company on the rent.

Now I want to file return for last two year. My queries are:

1) will fund transfer from My son will be counted as my income?
2) do I need to add it to my income and show it in my income tax filing and then get 80C relief
3) Can I just show rental income as my actual return and claim TDS???

Amol S Joglekar

Amol S Joglekar (Expert)
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02 August 2017 01. No
02. No
03. Yes. (Dont forget to take 30% standard deduction from the Gross rent.)

Message likes : 1 times

Sanjay Sharma

Sanjay Sharma (Querist)
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02 August 2017 You mean I need to deduct 30% from the total rent and show it as my income?

Amol S Joglekar

Amol S Joglekar (Expert)
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02 August 2017 yes......Gross Rent minus taxes paid....
Deduct 30% of this sum.

Amol S Joglekar

Amol S Joglekar (Expert)
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02 August 2017 taxes i.e. property taxes.
You can also claim interest paid on housing loan.

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