Income from House

Sir,

I have taken home loan for construction of my house, but still lot of interior work is pending & I don't have enough money to furnish the house and so I cannot give it on rent. I want to know can I give my house on Lease basis to my father on some reasonable charges on the basis that he can spent money on furnishing/completing the pending work of the house & can let it on rent to recover his expenditure.

Please be informed that my father is a retired person having income from pension only (i.e. less than 100000 p.a.) & i understand the rent income will be added to my father's income & I'll have to pay tax only on lease amount.

asked Dec 19 '12 at 15:17 by sakiv1089 18682339


I am not able to understand this. If your father does not own flat, how can he give it on rent and show rental income in his income.

If you lease flat to your father, he should not be able to again lease it to somebody else.

However, I am not really sure about same and I would advise you to consult from an experienced CA in your area.

answered Dec 21 '12 at 18:49 by Pankaj Batra 5.2k320

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Asked: Dec 19 '12 at 15:17

Seen: 1,578 times

Last updated: Dec 21 '12 at 18:49