Dependant retired personell-rental income
This query is : Resolved
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???
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???
02 August 2017
01. No
02. No
03. Yes. (Dont forget to take 30% standard deduction from the Gross rent.)
02. No
03. Yes. (Dont forget to take 30% standard deduction from the Gross rent.)
Message likes :
1 times
02 August 2017
You mean I need to deduct 30% from the total rent and show it as my income?
02 August 2017
yes......Gross Rent minus taxes paid....
Deduct 30% of this sum.
Deduct 30% of this sum.
02 August 2017
taxes i.e. property taxes.
You can also claim interest paid on housing loan.
You can also claim interest paid on housing loan.
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR-3 File/Error Found
- Due Date Clarity
- Accounting with Claude
- Banking Related Issue
- Taxability of credit in canara bank ET & T section (NRO)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
