No , Rent is not taxable as your income if the transfer of the house was done without receiving the consideration......why? This is beacuse of clubbing provision in the I T Act .Section 64 (vi) of the I T Act states:In computing the total income of any individual, there shall be included all such income
My father in law has a house in Delhi . He wants to transfer the house in my name. Is the rent taxable in my hand?
My taxable income is Rs 2.2 Lakhs. If I gift Rs 20,000 to my son, who is a 23 yr old student, will my taxable income reduce by Rs 20,000 to Rs 2.0 Lak
Income tax Act does not provide any reduction of gift amount from income of donor . Gift amount from relative is not taxable , however no other benefit is attached to donor of the gift.