House Rent claim from Father
This query is : Resolved
ANURAG SHARMA
(Querist)
07 January 2008
Dear Sir/Madam
I own a residential house. I am presently living with my parents in a rented house for which rent is paid by my father .My query is that whether I can claim rent from my father if they move with me at my owned residence as he is govt Bank employee and what would be its Tax implications on me and my father if any
Please help
Thanks and regards
Anurag Sharma
anurag_sharma777@rediffmail.com
I own a residential house. I am presently living with my parents in a rented house for which rent is paid by my father .My query is that whether I can claim rent from my father if they move with me at my owned residence as he is govt Bank employee and what would be its Tax implications on me and my father if any
Please help
Thanks and regards
Anurag Sharma
anurag_sharma777@rediffmail.com
Late CA Sampat Jain
(Expert)
07 January 2008
OWNER OF A HOUSE CAN ALWAYS EARN RENTAL INCOME FROM HIS HOUSE .......IT IS INCOME FROM HOUSE PROPERTY IN HIS HANDS.
IF SO AGREED , FATHER CAN PAY RENT TO HIS SON FOR USE OF HIS SON'S HOUSE.
FATHER WILL GET BENEFITS OF RENT PAYMENTS IN HRA CALCULATIONS
TAKE CARE RENT PAID SHOULD BE REASONABLE AND NOT ABNORMAL
IF SO AGREED , FATHER CAN PAY RENT TO HIS SON FOR USE OF HIS SON'S HOUSE.
FATHER WILL GET BENEFITS OF RENT PAYMENTS IN HRA CALCULATIONS
TAKE CARE RENT PAID SHOULD BE REASONABLE AND NOT ABNORMAL
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