hi
My dad has 3 houses registered on his name.
in one house, my dad lives and in one house my grandma lives and the other house is given to rental. Do we need to show some kind of rental income for my grandma house? or will it be considered as 2 self occupied proprieties ( one for self and one for dependent (grandma) and no need to show any rental income on the house where grandma lives?
there is no agreement between father and his mother for rent
Thank you for sharing the details about the houses registered under your father's name and the occupancy arrangements. I can provide you with some information regarding the rental income and its treatment for tax purposes.
In the scenario you described, where one house is occupied by your father, one house is occupied by your grandmother, and the third house is rented out, the tax implications can be as follows:
House occupied by your father: This would be considered a self-occupied property, and no rental income needs to be shown for this house.
House occupied by your grandmother: If your grandmother is a dependent and not earning any income, this house can also be considered self-occupied. In such cases, no rental income needs to be shown for the house where your grandmother resides.
House given on rent: The house that is rented out will generate rental income, and it is necessary to show this income while filing the tax returns. The rental income will be subject to tax as per the applicable tax slab after deducting any allowable expenses related to the property, such as property taxes, maintenance costs, or home loan interest.
It's important to note that tax laws and regulations can vary, so it's advisable to consult with a qualified tax professional or chartered accountant who can provide personalized advice based on the specific details of your situation and the prevailing tax laws in your jurisdiction.
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If you have any further questions or need additional assistance, please feel free to ask. I'm here to help!
To ensure tax compliance and to take advantage of potential tax credits or deductions, it is highly recommended that you consult with a tax professional who can provide individualized advice based on your specific circumstances and the tax laws in effect in your area. By the way how it works on portals like https://renthero.ie/ when you want to rent a place for yourself during optusk. This is the question.
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