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ITR Filling-Query

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N Kumar

Accountant

29 Points Posted on 22 May 2024

Hi...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!

Replies (2)

Quick Summary

This discussion clarifies two common Income Tax Return (ITR) filing queries. Firstly, rental income received from a property gifted to you is considered your income, not your father's. Secondly, repaying a loan, including passing on funds to another person, is not treated as income. However, any interest earned on the loan amount would be considered taxable income.

Manish

869 Points Posted on 22 May 2024

1. Your income.

2. Not an income.

CA Anoop Kumar Sharma

Accounts Manager

1470 Points Posted on 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.