Ihp

This query is : Resolved

Sandeep (Querist)
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19 June 2014 frds a special query, there are 5 legal heirs getting 70,00,000pa rent, there are 4 individual and 1 minor, having equal share,Query1.How do i reduce Tax???????

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 June 2014 whats special about it?

every gets to claim 30% of the deduction under 24(a). minor's income gets clubbed with parent with higher income.

Rupesh Jain

Rupesh Jain (Expert)
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19 June 2014 income taxable under the house property income and deduction claim u/s 24 @ 30% of rent and pay tax after the deduction u/s 80 if any.

if they have any loan against property then they claim the intt amount against the rental income.

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