05 August 2024
Dear Sir I have booked two flats at Pune from welknown builder one my own name( Senior citizen and iinteredt ncome is 4 lakhs) and second on. my son name (his incone is under 30% slab) . Their was abnormal delay in construction. But unfortunately he has managed to get extension in RERA date. After lot of chaos and adverse publicity in media builder is agreed to pay Rent of 30 K per month till possession. He has given two option 1. Either to collect cheque subject to TDS deduction. 2. Get credit note which will be adjusted in amount payable to Builder . I think second option will not be taxable. Is it correct ? 3) If opted 1st option of cheque under which head is taxable ? 4) Whether to collect cheque in my name and get credit not in my son name .. Whether this is good option from taxation point of view ? Which will be better in taxation point. ?
CAclubindia
