Sir, If shop is owned by my father and rent comes in my account..... then this rent income is my income or my fathers income as per Income Tax act?
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Quick Summary
This discussion clarifies that if your father owns a shop and the rent is deposited into your account, the income is legally considered your father's. To ensure compliance with Income Tax laws, it's advisable to have the rent deposited directly into your father's account. The conversation also touches upon the legal concept of a 'chief tenant', where a son could potentially sublet the property for a higher rent, paying a portion to the father.
The father can ask his son to pay half the amount as rent after the son sublets to the actual tenant for a higher amount . Son is called as Chief tenant which is as per law .
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