Overseas son pays rent for earning father's L&L agreement
This query is : Resolved
Archana Prabhudesai
(Querist)
20 September 2021
Dear sirs,
I am Indian, sr. citizen, having income from rented property. I stay at house in different city.
My son is working overseas. The subsisting L&L was executed by my son who was here. Now it will be new agreement to be executed by me.
If son continues to pay rent renewal, what will be the IT implications. He not NRI as yet.
A line of reply will be appreciated.
I am Indian, sr. citizen, having income from rented property. I stay at house in different city.
My son is working overseas. The subsisting L&L was executed by my son who was here. Now it will be new agreement to be executed by me.
If son continues to pay rent renewal, what will be the IT implications. He not NRI as yet.
A line of reply will be appreciated.
CA R SEETHARAMAN
(Expert)
20 September 2021
It will be considered as gift tax not applicable.
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