Rental income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 June 2017
Hello All
I want to know that:
The property is in name of my father, can I take rent on behalf of him? If yes then
Can I show the rental income in my income and pay tax? If yes then what documents I should prepare for the purpose of income tax. The rent agreement can be made in my name instead of my father as he is not able to do due to old age.
Father is not agreeing to divide property as on date.
Pl advise soon.
Regards
I want to know that:
The property is in name of my father, can I take rent on behalf of him? If yes then
Can I show the rental income in my income and pay tax? If yes then what documents I should prepare for the purpose of income tax. The rent agreement can be made in my name instead of my father as he is not able to do due to old age.
Father is not agreeing to divide property as on date.
Pl advise soon.
Regards
08 June 2017
Yes you can do so. You may get a power of attorney or mukhtarnama from your father entitling you to receive rents from the property and enter into a rental agreement.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2017
Sir
Can I show the rental income in my account by doing so as you advised. Mean it will be my income not my father's.
Pl suggest.
Regards
Can I show the rental income in my account by doing so as you advised. Mean it will be my income not my father's.
Pl suggest.
Regards
20 October 2021
No. Father is the owner of the property, who is liable to pay tax over the rental income under IFHP.
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