Rental income from house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 July 2013
Sir,
I am receiving rental income from residential house in my saving account under rent agreement between my tenent and me, but actually I am not the owner of that house. that house is still in the name of my father who have died 6 years ago without making any kind of will or nomination etc.
Now while filing my income tax return should I show it my other income as I am not the owner or under house property income head as I am taking it under rent agreement ? can I take 30% standard deduction on it? Is my mother may be liable to pay tax on this.
which Itr should I file ?.
Thank You.
I am receiving rental income from residential house in my saving account under rent agreement between my tenent and me, but actually I am not the owner of that house. that house is still in the name of my father who have died 6 years ago without making any kind of will or nomination etc.
Now while filing my income tax return should I show it my other income as I am not the owner or under house property income head as I am taking it under rent agreement ? can I take 30% standard deduction on it? Is my mother may be liable to pay tax on this.
which Itr should I file ?.
Thank You.
CA PARAS BAFNA
(Expert)
18 July 2013
It is better to take the necessary steps to bring the property records in favour of you and your mother.
.
As your father can't be assessed, you and your mother have to decide keeping in view the wishes of your late father.
.
Being the only child of your parents, your mother may surrender her right in the property in your favour.
.
In such a case the property income can be assessed in your hand. As you have not surrendered your right , so you are an implied owner of the property.
.
In the present scenario, you and your mother both can be assessed for the property income.
.
Get the rent agreement revised accordingly.
.
.
As your father can't be assessed, you and your mother have to decide keeping in view the wishes of your late father.
.
Being the only child of your parents, your mother may surrender her right in the property in your favour.
.
In such a case the property income can be assessed in your hand. As you have not surrendered your right , so you are an implied owner of the property.
.
In the present scenario, you and your mother both can be assessed for the property income.
.
Get the rent agreement revised accordingly.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
