Car Rent paid to Father
This query is : Resolved
14 January 2008
Dear sir
Please clarrify me that if Son Paid CAR RENT to Father and use the car and father Shows car rental income in his income tax return
Can they do this as per income tax
Rajesh
Please clarrify me that if Son Paid CAR RENT to Father and use the car and father Shows car rental income in his income tax return
Can they do this as per income tax
Rajesh
14 January 2008
yes both are separate individuals in the eyes of law and have their separate returns to be filled as long as son is paying the rent for usage and the father is showing his income it is allowable as an expense to son as rent paid and income of father as Income from other sources or business Income of hiring of car.
15 January 2008
if car is in the name of father then the father will give a car on rental basis and son eill get exp.in his a/c if total payment is in excess of rs. 50000.TDS should be deducted if tax audit is applicable to the indivudal
15 January 2008
Yes it can be done. Explanation perfect by Shipra Walia.
16 January 2008
wat in case of wife and husband?
17 January 2008
In my opinion:-
There is no bar on having such business transactions with relatives. The only point to be kept in mind is that the consideration pid and received should be reasonable and should not deviate marginally with market rate.
There is no bar on having such business transactions with relatives. The only point to be kept in mind is that the consideration pid and received should be reasonable and should not deviate marginally with market rate.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
