N Kumar (Accountant) (27 Points)
22 May 2024Hi...Respected Members!
I am a salaried person.
I am receiving monthly rental income in my bank account which I fully transferred to my father's bank account who gifted me this house during childhood. Will it count as my income or as my father's income while filling ITR?
another query, I took some amount from one of my friends, and on returning time my friend asked me to give it to another needy friend. Will it count as other income while filing ITR?
Thanking You!
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 22 May 2024
In your case, the rental income receive from the property, which has already been transferred to you by gift deed, it will be considered your income, not your father income.
Secondly It is simply a loan, and when the money is repaid, it is not treated as income. However, any amount received above the loan principal is considered interest income.
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