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Rental income

Meenakshi S (Self employed) (198 Points)

31 December 2020

If one has a house having 2 floor and one floor is self occupied and the one floor is given on rent to son. Will this rent to be shown in ITR as rental income by selecting let out house?? Please help.

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10 Replies

gyanchand agarwal (13 Points)
Replied 31 December 2020

Yes you show let house

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machavarapu mahesh (27 Points)
Replied 31 December 2020

You treat 2houses self occupied

1 Like

ayusmita (Tax consultant) (5885 Points)
Replied 31 December 2020

Is you and your son are in any rental agreement

JATINDER KUMAR (Accountant) (3662 Points)
Replied 01 January 2021

Yes

You need to show rental income in ITR under income from house property

1 Like

Meenakshi S (Self employed) (198 Points)
Replied 01 January 2021

yes, agreement was made.

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ayusmita (Tax consultant) (5885 Points)
Replied 01 January 2021

1.parents will show the income under the head income from house property and can claim property taxes as well as standard deduction from the rental income

2. Son will claim hra by giving rent receipts and showing the agreement to his hr ..... Or if not job then by 80GG

1 Like

Krishna Chaudhary (Accountant) (4531 Points)
Replied 01 January 2021

Yes it will be someone as a rental income in your income tax return

1 Like

Sumit Shukla (378 Points)
Replied 01 January 2021

Reciept of rent could be considered as GIFT and it will not be taxable as IFOS as same is recieved from relative. provided both floors is used as one property i.e. they are joined to each other

1 Like

ayusmita (Tax consultant) (5885 Points)
Replied 01 January 2021

As both enter in rent agreement not gift deed or gift agreement they both can claim Deduction and cannot be Termed as relative rather than landlord and tenant

1 Like

Neethi V. Kannanth (.) (19020 Points)
Replied 04 January 2021

The portion in which the son is staying shall be shown as let-out and rent received from the son shall be shown as Income from House Property and standard deduction at the rate of 30% u/s 24 can be claimed.