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Rental income
If one has a house having 2 floor and one floor is self occupied and the one floor is given on rent to son. Will this rent to be shown in ITR as rental income by selecting let out house?? Please help.
Replies (10)
Quick Summary
Yes you show let house
You treat 2houses self occupied
Is you and your son are in any rental agreement
Yes
You need to show rental income in ITR under income from house property
You need to show rental income in ITR under income from house property
yes, agreement was made.
1.parents will show the income under the head income from house property and can claim property taxes as well as standard deduction from the rental income
2. Son will claim hra by giving rent receipts and showing the agreement to his hr ..... Or if not job then by 80GG
Yes it will be someone as a rental income in your income tax return
Reciept of rent could be considered as GIFT and it will not be taxable as IFOS as same is recieved from relative. provided both floors is used as one property i.e. they are joined to each other
As both enter in rent agreement not gift deed or gift agreement they both can claim Deduction and cannot be Termed as relative rather than landlord and tenant
The portion in which the son is staying shall be shown as let-out and rent received from the son shall be shown as Income from House Property and standard deduction at the rate of 30% u/s 24 can be claimed.
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