LEASE AMOUNT RECEIVED FROM AGRICULTURAL LAND TAXABLE INCOME EXEMPT OR RENTAL INCOME FROM OTHER SOURCES. ONE OF MY CLIENT IS DENTAL DOCTOR HE WAS LEASED HIS AGRICULTURAL LAND TO AN INDIVIDUAL HE HAS RECEIVED RS. 1,50,000/- LAKHS EVERY YEAR THE AMOUNT EXEMPTED U/S 10(1) OF INCOME TAX ACT OR CONSIDER RENTAL INCOME FROM OTHER SOURCES.
ONE OF MY CLIENT HAS DIED 3 MORE YEARS AGO RESIDENTIAL HOUSE PROPERTY REGISTERED HIS SPOUSE NAME NOW RENTAL INCOME FROM HOUSE PROPERTY RECIEVED BY HIS HUSBAND THROUGH BANK ACCOUNT. NOW HE HAS TO DECLARE HIS WIFE RENTAL INCOME IN ITR UNDER CLUBBING PROVISIONS IF YES HOW TO SHOW IN ITR.
03 June 2024
When wife died, let husband get property transferred to his/legal heir's name. Till then let him declare rent income under his own ITR directly.
CAclubindia
