Parking charges - validity

If the property is owned by the father, any income arising or accruing from the property shall be his income and to be shown in his own ITR.

Hi Atul, in addition to what Mihir has said correctly, my suggestion would be to consider the possibility of leasing the land to son, and offering the income from parking charges as income from other sources in the hands of the son. In such a case, all expenditures can be claimed as deduction in computing income under this head.

Please note, there is no fair rent concept in computing income from other sources. So the father may also show the income from lease of LAND as IFOS, showing the rent paid by son as the income against which he can also claim all expenses incidental to such lease.

This appears to be a workable structure, but the facts should point to the genuineness of the transaction.