Rent

This query is : Resolved

P dandekar (Querist)
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21 December 2012 Sir,

In order to save tax i want to show that i pay rent to my father(ownership flat).( Rent amount around Rs.10,000/-pm.)

what requirements are to be fullfilled.
Pl reply me soon as i have to give details to my employer.

Regards
PK Dadnekar

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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21 December 2012 IT WILL NOT BE GENUINE TRANSACTION . YOUR FATHER HAVE TO SHOW SAME THING IN INCOME .

ACS Gaurav Jain

ACS Gaurav Jain (Expert)
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21 December 2012 GIVE YOUR EMPLOYER A COPY OF RENT RECEIPT

Pankaj Gupta

Pankaj Gupta (Expert)
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21 December 2012 It will save tax only if your father have income not exceeding the maximum exemption limit including the rent amount.

Pankaj Gupta

Pankaj Gupta (Expert)
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21 December 2012 Draw a rent agreement and then tell your father to issue you monthly rent receipts. Then deposit the annual rent receipt together with the agreement with your employer.