REGARDING INCOME

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accountant
564 Points Posted on 29 April 2020
RESPECTED ALL MEMBERS
ONE VEHICLE MY BROTHER NAME
AND THIS VEHICLE RENT INCOME PER MONTH 30000 NOW THIS AMOUNT CREDIT TO MY BANK ACCOUNT SO HOW SHOW IN ITR.
PLEASE SUGGEST ME.
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On 29 April 2020 at 19:55 Report
Replies (4)
Quick Summary
A user is seeking advice on how to declare rental income earned from a car registered in their brother's name, which is being credited to their bank account. The discussion highlights that this income might be subject to clubbing provisions, meaning the income could be taxed in the brother's hands. While showing it as lease income is possible, there's a risk of it being flagged during assessment if not handled according to tax regulations.

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Articled assistant
663 Points Posted on 29 April 2020
On this income your brother is required to pay tax as per clubbing provisions as it is covered under transfer of income without transfer of assets .
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On 29 April 2020 at 20:58
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accountant
564 Points Posted on 29 April 2020
Sir lease pe show Kar ke Meri income show Kar sakte he ?
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On 29 April 2020 at 21:14
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Articled assistant
663 Points Posted on 29 April 2020
Yes kamlesh .But since the car is registered in the name of your brother .If you get the notice for assessment then definitely it will be caught and u need to suffer

see there is but risk .If you follow provisions correctly ,then it will be good or else you should take risk of consequences .

visit my blog -sanjithkotni.blogspot.com.
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On 29 April 2020 at 21:36
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accountant
564 Points Posted on 30 April 2020
Thank u very much for reply
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On 30 April 2020 at 09:26

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