Sir, If shop is owned by my father and rent comes in my account.....
then this rent income is my income or my fathers income as per Income Tax act?
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Shop Rent income
Replies (2)
The Income is Your Father's income.
But,
Better to avoid the amount in Your account. Open account Your father's name and deposit it to that.
But,
Better to avoid the amount in Your account. Open account Your father's name and deposit it to that.
The father can ask his son to pay half the amount as rent after the son sublets to the actual tenant for a higher amount . Son is called as Chief tenant which is as per law .
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