Tax benefit under home loan

Hi,yes, if the property is in your name, you will have to show this income in your return and pay tax on it.

Going forward, it is strictly advisable to stop receiving the amount in your mother's account. Get it in your account.

Dear Sir,

As per clubbing provisions, rent will be taxable in your hands only with the benefit of interest u/s 24 and principal payment u/s 80C. Is any TDS deducted in the name of your mother?

Thanks

Hi

The rental income shall be taxable in your hands only irrespective of the fact that the rents are received in your mother's account.

You can claim standard deduction on rent and section 24 and section 80C deductions that you are already claiming.

as per Income Tax Act, Yes you have to include such income in your ITR, other wise if any scrutiny initiate then this income will clubbed in your income and interest and penalty levied.

Even if your mother is filing return, you should not show the income in your mother's return. You should show this income in your return.

Dear Sir,

Inspite of your mother is filing ITR, it should be clubbed in your hands itself.

Thanks

Yes you need to show this as taxable income in your income tax return as you are the owner and you have the right to receive the income.

Yes this will be presumed to be your income. Irrespective of whether it is received in your account or your mothers, you will be liable to pay taxes on it.

Even if your mother is filing return, my suggestion is not to show this as her income and disclose it in your return.

Regards,

Nikhil.

Hi,

Hope you are doing well !

Yes as per clubbing provision, you will have to include this income in your return.

As you are already claiming tax benefit under Sec24 as well as under 80C.

It is advisable to make arrangement to receive money directly in your bank account.

Thanks & Regards,

Payal Chhajed

Dear Sir,

Yes,it will be treated as your income due to clubbing provision even if your mother is filing return.

Warm Regards,

Karishma Chhajer

As per provision of section 60 to 63 clubbing provision applicable so you have to show this rental income under your ITR being the owner of property

Hi,

As you are the owner of the property, the income generated from the property shall be included in your income, irrespective of the fact the rent is transferred to your mother's A/c.

Also, if you are claiming the interest and principal repayment in your return then the rent income should also be included in your return of Income.

If in case your mother is co-owner of the property then the income shall be taxed in her hands else you should add the rent income to your taxable income.

Hope your queries are resolved!

Hi

As per the clubbing provisions of IT Act,you have to disclose these rent income in your ITR and pay taxes on it.