Let out property to parents

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2011 I am having a own house which was given to parents and there was no rent on that. However I am claiming Interest and Principal payment exemption as well as HRA exemption as I am working at different city.

Can I show any income from my own house?

Pl.advice.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 January 2011 Please do not charge any Rent from your parents just to show an income.

Will you clarify, why do you want to show Income from Your House ?

And also show if any extra accomodation is available?

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2011 If I show as let out property, I can avail full interest(More than 150000) as loss from house property. There is no extra accommodation available.

Can I show the let out property without rent? (As my parents are staying)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 January 2011 Thanks for quickly sharing the desired information.
Let Out Property can not be at Zero Rent or at concessional Rent.
Fair Rent, means rent prevailing for the same property in the locality, is required to be taken.

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