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?
September 7, 2006 by
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
September 7, 2006 by
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.
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students