kavita (ACCOUNT EXECUTIVE) (74 Points)
22 August 2017If a person let out his own property (which is on his name only), but the rent income receiving in others account (for E.g. mothers A/c). so how to treat in Income tax return?
He has to show in his own income?
Please reply.
thanks in advance..
kavita
aitha balarakesh
(41 Points)
Replied 22 August 2017
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 22 August 2017
Amount of Income Received is to be taxed in the hands of Actual owner of Property, as property is not transfered to other person.
otherwise clubbing of income provisions will apply
For amount received in monther's account you can show such amount after showing as taxable income your return as Gift, which is not taxable in mother's hand
Abhishek Pithisaria
(Student)
(150 Points)
Replied 22 August 2017
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