06 January 2014
Can the entire rent be paid only to mother and not jointly to both the parents if the house is jointly owned by both mother and father? Because if I pay rent to both jointly considering the fact that both are owners my father will have to pay tax since his taxable income is above the exemption limit.
06 January 2014
Where a person is living in a house owned by his parents, he can claim tax exemption by producing receipts of rent paid to them. They, in turn, need to show the rent received as income from other sources in their income tax returns.
06 January 2014
They will show as their income, but the question is can entire rent be paid to mother only and not to father and not divide among the two as both of them being joint owners.