House property

elango parameswaran (Querist) 16 June 2012 This query is : Resolved
A son acquires a house property in his name through bank loan. can he let it to his parents and get rent. is it permissible under law?

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Devajyoti Barman (Expert) 16 June 2012
Yes it is permissible.

If you are doing this for tax purposes then it is alright.
Otherwise it is not ethical to take money from your parents for their stay in your house.

Adv.R.P.Chugh (Expert) 16 June 2012
Yes there is no bar to such letting.

ajay sethi (Expert) 16 June 2012
there must be condition in bank loan agreeement . if you desire to give your premises on leave and license or rent you must obtain bank sanction .

please cross check your agreement . if there is no such clause you can give premises to your parents on rent

adv. rajeev ( rajoo ) (Expert) 16 June 2012
yes it is permissable.

R.K Nanda (Expert) 16 June 2012
Yes, u can do it.

Ashish Khandelwal (Expert) 16 June 2012
Whatever, you can take advantage to save your tax.

V R SHROFF (Expert) 16 June 2012
It is allowed, and parent/ son taking advantages for i tax .

Shonee Kapoor (Expert) 17 June 2012
Hmmmm. I can not find any reason to disagree with experts.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

V.Mahadevan (Expert) 17 June 2012
Most certainly and enjoy related income tax benefits, too.
mahadevan

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