Income from house property - the assessee's major son and ...

Adult Children's Rent Payments Deemed Genuine, Offering Tax Benefits to Father for Shared Home Interest Burden.

March 18, 2020

Case Laws     Income Tax     AT

Income from house property - the assessee's major son and daughter are financially independent (or substantially so), with independent incomes, sharing the interest burden of their common residence with their father. And, as such, instead of transfer of funds to him per se, have regarded, by mutual agreements, the same as rent, as that would, apart from meeting the interest burden to that extent, also allow tax saving to the assessee-father. - A genuine arrangement cannot be disregarded as the same results or operates to minimize the assessee's tax liability. - AT

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