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Income from rented housing Property

Ritesh (MBA) (230 Points)

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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4 Replies

sabyasachi mukherjee (27858 Points)
Replied 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.

1 Like

Giridhar S Karandikar (Team Lead) (7553 Points)
Replied 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

1 Like

Ritesh (MBA) (230 Points)
Replied 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 ?

Ritesh (MBA) (230 Points)
Replied 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 ?