Hi Team,
I work in Pune IT company, due to covid_19 lockdown I came at my native place Hyderabad.
Can I show HRA by showing paying rent to my father?
Also my dad is 64 yrs old, who is getting around 15000 per month.
If I pay 25000 per month as rent to him, Do he needs to fill ITR?? Plz confirm
I do not want any TDS should get deducted from my dad account from his retired savings. Plz suggest & help.
Kindly reply asap.
Regards
Sonu
But do my father needs to file ITR?
He never filled ITR in his entire life. Is it applicable to him? He gets 15k as pension amount per month & 25k as rent.
Regards
Sonu
is he senior citizen,?
YES
Pl clear, for how many months in a year ( Apr to Mar) you want to pay @ 25000 pm.
Untll lockdown due to covd-19 I will pay rent to parents else I will shift to pune.k
Please see
Pension income under the head Salary 15000 for 12 m 180000 minus Std deduction 50000 becomes130000
Rental income 25000x12 300000 minus std deduction 30 percent being 90000 becomes 210000
Thus total income 340000
exemption limit applicable tp your father is 300000 being sr citizen
In order not to file return, you have 2 option
1. save/deposit more than 40000 in NSC/PPF in father's name
2. reduce rent to 21000 from 25000
Hi
Calculations done by Mr. Anil Jain is perfect.
in my view, your father has to file ITR For sure and mention your PAN in ITR Form.
even the total taxable income as per calculation done by Mr. Jain is 3,40,000/- still there is no tax liabilities upto 5 Lac considering benefit of Sec. 87 A.
Section 139 (1) proviso 6
CAclubindia
