Sublease, HRA
This query is : Resolved
06 September 2024
Hi Experts ,
Can my father sublease home owned by him to my mother who does not have any income, and thereby save on tax. Effectively, he will collect a smaller amount(For ex 5k) as rent ?
And then ,my mother sub leases to me at a premium and records as income from other sources while my father will pay tax on the nominal rent from my mother.
a. Can I claim HRA for paying rent to my mother?
b. Can I pay rent for whole year in one go and claim HRA? or it should be paid monthly basis?
c. Is there any potential issue if all of it is declared and filed?
Can my father sublease home owned by him to my mother who does not have any income, and thereby save on tax. Effectively, he will collect a smaller amount(For ex 5k) as rent ?
And then ,my mother sub leases to me at a premium and records as income from other sources while my father will pay tax on the nominal rent from my mother.
a. Can I claim HRA for paying rent to my mother?
b. Can I pay rent for whole year in one go and claim HRA? or it should be paid monthly basis?
c. Is there any potential issue if all of it is declared and filed?
07 September 2024
1. Yes if you have rent agreement.
2. Depends upon terms in agreement
3. The rent income will be clubbed into your father's hand as per clubbing provision u/s. 54 IT act.
2. Depends upon terms in agreement
3. The rent income will be clubbed into your father's hand as per clubbing provision u/s. 54 IT act.
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
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- STCG FOR GOLD ETFs
- Tax liability on income of freelancer
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
