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Query about notarized Rent agreement made by landlord

17 June 2021

Hi,

I am lordlord and i made notarized rent agreement for my tenant of amount Rs 8333 per month but i am taking amount Rs 15,000 from tenant by cash. Tenant also agrees with this oral communication means no problem between me and tenant.

But i wanted to know that am i safe from income tax department side and court-case side ?

in which condition i treated as offender/defaulter ?

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9 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 17 June 2021

As long as rental tax is paid, there is no need to worry. In case of any cheating detected, your local police will know that and they will inform the tax authorities

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 18 June 2021

No there will be no problem you can take 15000 rupees in cash but you have to maintain proper rental receipts records

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 18 June 2021

Sry I meant the same as well, rental record= tax aid as per records.

Kuldeep Singh (179 Points)
Replied 18 June 2021

if landlord do not to give own PAN number to tenant so how much maximum rent amount should he get written in the agreement by notary shop?

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 18 June 2021

Every landlord is asking pan and no way you can’t give pan or Aadhar. This is to avoid terrorists, illegal trades like smugglers and to avoid p*rn in hostels, they tap free wife provided as well. Even I don’t like to give my personal details.

Kuldeep Singh (179 Points)
Replied 18 June 2021

If i made notarized rent agreement for my tenant of amount Rs 15,000 per month and not given PAN number, signed rent receipts from my(landlord) side to tenant with mutual understanding but in case tenant silently informed to income tax department that landlord is not not giving PAN then any action taken by IT deptt or court on me ?

If i mentioned maximum Rs 8,333 amount on rent agreement then i am safe. am i right or not ?

Kuldeep Singh (179 Points)
Replied 18 June 2021

Ignore above post...

If i made notarized rent agreement for my tenant of amount Rs 15,000 per month and not want to given PAN number, signed rent receipts from my(landlord) side to tenant with mutual understanding but in case tenant silently informed to income tax department that landlord is not not giving PAN then any action taken by IT deptt or court on me ?

If i mentioned maximum Rs 8,333 amount on rent agreement but take 15,000 by cash then i am safe. am i right or not ?