Self Occupied exemption
This query is : Resolved
02 August 2010
Salaried Individual having one house only which has been let out.He has not claimed HRA because he is staying in his fathers house. I want to know weather he has to pay tax on Income from HP or claim as self occupied exemption?
02 August 2010
HE HAS TO PAY TAX ON LET OUT PROPERTY , IF HE SHOWN IT IS LET OUT AND RECEIVED RENT BY CHEQUE AND THERE IS AGREEMENT BETWEEN TENANT & HIM,
IF HE IS RECEIVING CASH AND THERE IS NO AGREEMENT , I.E NO LEGAL PROOF, THEN HE MAY CLAIM PROPERTY IS SELF OCCUPIED BY HIM.
I.E AS PER LAW, HE HAS TO PAY TAX.
IF HE IS RECEIVING CASH AND THERE IS NO AGREEMENT , I.E NO LEGAL PROOF, THEN HE MAY CLAIM PROPERTY IS SELF OCCUPIED BY HIM.
I.E AS PER LAW, HE HAS TO PAY TAX.
Message likes :
1 times
CA. Pradeep Nayak
(Expert)
02 August 2010
Where there is receipt of rent on a let out property, such income will taxable under the head 'Income from House Property' subject to deductions available.
Assessee owning only 1 property doesnot qualify for exemption. Rent received is always taxable.
Assessee owning only 1 property doesnot qualify for exemption. Rent received is always taxable.
CMA Ramesh Krishnan
(Expert)
02 August 2010
Receiving Rent is taxable under Income tax we will not avoid the same at the same time for tax savings purpose you may enter rental agrement with father and show rent and claim the HRA
Murtaza I Bhagat
(Expert)
02 August 2010
agreed with experts,
& good advice from rameshji, he can calim hra by do agreement between him & his father.
& good advice from rameshji, he can calim hra by do agreement between him & his father.
04 August 2010
Thanks all
Rent will be taxable in fathers IT if there is an agreement between them. so I think its better to pay tax by including rental income also.
Rent will be taxable in fathers IT if there is an agreement between them. so I think its better to pay tax by including rental income also.
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