Query on rental income and tax implication for house wife

Dear Poonam

Dont worry, if the house is in your name than you are going on a right path. 

As you told you are the co-owner and rental income is arising under your name so there is no problem in it. Your 26AS may be also showing the same if the tenant is deducting any TDS on the same. 

And your PPF insvestment decision is also correct in this matter as you will get the benefit of the same upto rs. 1 lakh 

Also there is no connection whatsoever with your husband in this case so there is no question of geting any prosecution. Do not worry. 

All the best and regards to you.

Thank you very much Mr.Mehta.

Regards,

P.DUTT

Dear Sir,

Could you please let me know the implication of the following: My father took 6 months to close the loan with the bank. In those six months I was receiving rental income which was being shown by me as income and set off against Rs.1 lac PPF (to the limit permissable).

Regards,

P DUTT.

Dear Poonam Your father is co-owner in house property?

if yes

than he can take the benefit of loan payment under 80c. Also interest paid benefit will be available under income from house property.

Dear i also suggest you to little tax planning in the same from next year onward. I suggest you to take half rent in the name of your father and half in your name. So your tax payment liability will be lower as you both will get the standard deduction benefits. 

I hope my answer wil resolve your problem.

for more you can do pm to me.

regards