Ihp
This query is : Resolved
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
(Expert)
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.
every gets to claim 30% of the deduction under 24(a). minor's income gets clubbed with parent with higher income.
Rupesh Jain
(Expert)
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.
if they have any loan against property then they claim the intt amount against the rental income.
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