Tax
This query is : Resolved
Phani Yaswanth
(Querist)
07 January 2014
one of my client is getting income by way of sub-lease to the tenants and paying some amount to the landLord
so here no direct nexus between landlord and the tenants and my client acts as mediater.
1.my question under which category my client has to show his income and
2.how much amount?(whether total or diff amount of rent collecting from tenant and paying to landlord)
3. how much amount the tenant has to show as rent for HRA exemption?
note: all parties are individuals and my client is not falling under tax audit criteria.
thanks in advance.
Nikhil Kaushik
(Expert)
07 January 2014
1. this income should be shown as income from other sources
2. the amount paid to landlord can be claimed as an expenditure to earn the above income. so effectively you will be offering only the net amount for tax
3. the amount actually paid as rent should be shown as rent for HRA exemption!!!
2. the amount paid to landlord can be claimed as an expenditure to earn the above income. so effectively you will be offering only the net amount for tax
3. the amount actually paid as rent should be shown as rent for HRA exemption!!!
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