Dear Sir,
My query is, I have a flat in Bangalore and my parents and sister live in that flat and I do not collect rent from them, they being my parents. I have moved to a rented house with kid and wife. My own flat and the rented house are in same area, so I have opted for HRA. Since I cannot go with Self Occupied Property, I have opted for Let Out Property and I have given the income on rent as "ZERO". Is this an acceptable declaration. If not then how should I claim for Loss on property and HRA.
1 Answers
Hi,
As you have a own house in the same location, to claim HRA, you may have to show some notional rent and declare the property as LET-OUT one.
One can show rent as NIL only in case of 'Let-out property kept vacant for the whole year'.
Hi Sir, thank you so much for clearing this query of mine. Just one more thing, If a person declared ZERO as rent, how would someone audit if the house was really vacant or occupied.
Hi..No one! That’s why our tax filing procedure is called as SELF-ASSESSMENT. Always advisable to be as honest as possible!
Hi..No one! That’s why our tax filing procedure is called as SELF-ASSESSMENT. Always advisable to be as honest as possible! In case, you receive any IT scrutiny notice, you may have to justify your stand (ITR).
Much appreciated. I have this very clear now. Thanks again for your assistance. I filed LOP with notional rent.
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