lalit (Asstt Mger) (38 Points)
23 July 2013Dear Experts,
My company is paying me a cheque amount for rented house. I am taking this cheque on my wifes name.
Is this amount is accounted for taxable amount. Also I have rented my own house to somebody and I am getting that rent amount payment on my name.
So please give me your advice whether both the income will be accounted for taxable income.
Thanks in advance
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 23 July 2013
Hai Lalit.
Good afternoon... Please note:
1. Any Rental Income is taxable subject to a deduction of 30% which is the Exemption.
2. If the Rental Receipt is in the name of your Mrs then, she will be assessable.
Presently, i think Taxable Income upto Rs.2,00,000 is exempted from Income Tax.
note: correct me if i am wrong.
lalit
(Asstt Mger)
(38 Points)
Replied 23 July 2013
Thanks Mr Sivakumar, See I am getting a salary from my employer
Addition to that
1) Rent amount from my employer which i am taking on my wifes name.
2) My own flat is given on rent and rent is depositing to my own account
So I want to understand for above 2 points whether both are additional to my income amount or that are exemted.
Thanks in adavance
Rajesh
(student)
(193 Points)
Replied 23 July 2013
Dear Lalit,
Please Note,
Since you said apart from your salary you are getting Cheque for your rental house.
Kindly clarify
First Question
whether your employer accounting this cheque as your HRA or some thing.
IF they are accounting as HRA, your are liable to file the income tax.
if not, your spouse is liable to pay income tax
Second Question
Of course, you have to shown rental receipt in your salary income and pay the tax.
lalit
(Asstt Mger)
(38 Points)
Replied 23 July 2013
Thanks Mr Rajesh,
The amount is paid under leased accomodation
Thanks in advance
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 23 July 2013
Dear lalit,
even if the amount is received by you, if the agreement is in the name of your spouse, Then your spouse will be assessable and not YOU.
CAclubindia
