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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
