A
Anuj Gupta
I and my sister inherited a flat from our mother. We go the flat transfer in my name to make the process easy. So the flat is in my name now. We have rental income from the flat. If the rent is paid in my sister account. Who is liable to pay the Income tax. And is there any issue with this arrangement. Do I need to get my sister name also added to the flat ownership.
Facebook
Twitter
Linkedin
Yes, if your sister is also the owner of the property and she is receiving rent then she will be required to register as co-owner.
T&C applyM
Manjunatha
Can I run a Business for Charity And avail tax Discount? Please help me
Yes you can have a Charitable Trust. If the trust is having 12AA certificate then there will be tax exemption on the income of the trust.
CA Naman Maloo 21 Mar 2021It cannot be a business you can run a charitable trust and do charitable activities and get tax benefits.
T&C applyV
Vh
Hi
My wife owns property though she is a housewife. Home loan is being
paid off from my bank account.
The financial service provider created loan account as both names.
Can I claim tax benefits? If Yes, then what is the process?
As per our opinion, you can avail the tax benefit only if you are the co-owner of the property.
CA Naman Maloo 21 Mar 2021If you are not the owner you cannot claim tax benefits as per section 24.
R
Ra
Whether 2 jobs are acceptable in India
Yes one can take up a part time and one full time job. However that also depends upon your job also.
CA Roomi Gupta 12 Mar 2021Yes ...depends on you
F
Faizal
Hi, does residential rental agreement for less than 11 months need to be on stamp paper? Can rental agreement be backdated?
No rent agreement which is upto 11 months need not be on stamp paper. For more information you can connect with us at ca.pujasharma@outlook.com or +91 94615 28592
T&C apply
