Income from rented housing Property

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MBA
259 Points Posted on 12 December 2021

Hello Sir/Madam,

I am saleried person and  have 2 housing Property in Pune City. Both Properties are purchased by me (not gifted or not came from  ancestors) . One property is rented while other is self occupied . 
I need to pay 30 percentage tax on rent income received from flat . Is ther any way to save this tax ? Like if applied for  HUF PAN card  ( as I am married and having son ) and Bank account against HUF PAN card. Tenent will pay rent in HUF bank account and also he will declare my HUF PAN card number while filling his ITR .

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On 12 December 2021 at 09:44 Report
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Quick Summary
This discussion explores tax-saving strategies for individuals earning income from rented housing properties. The original poster, a salaried individual with two owned properties, one rented and one self-occupied, is seeking ways to reduce the 30% tax on rental income. They are specifically inquiring about the feasibility of using a Hindu Undivided Family (HUF) structure, including obtaining an HUF PAN card and directing rental income into an HUF bank account, to potentially lower their tax burden.

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Profession Business
28246 Points Posted on 12 December 2021
Income from rented house property . Relief is available for repair and others. deduction is available.In case you hv taken any loan , set off that loan u/sec 24.
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On 12 December 2021 at 12:05
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Team Lead
7558 Points Posted on 12 December 2021
Get one property transferred In your wife's name you being the second holder and wife first holder.
So rented property can be assessed in her hands and SOP in your hands
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On 12 December 2021 at 14:18
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MBA
259 Points Posted on 12 December 2021

No sir lone is closed for rented property.

Jsut one of my friends told me that I can use HUF . And aply for HUF PAN and take rent in HUF account and file seperate ITR for HUF PAN . Just want to know if this really help in my case or not ?

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On 12 December 2021 at 16:42
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MBA
259 Points Posted on 13 December 2021

Thank you both sir for your reply.

one of my friends told me that I can use HUF . And aply for HUF PAN and take rent in HUF account and file separate ITR for HUF PAN . Just want to know if this really help in my case or not ?
 

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On 13 December 2021 at 11:33

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