immayurpanchal
KF Ace
I got to know that you can save tax by showing proof that you're living as a tenant in your parent's house. My mom is the owner of the house. I'm planning to make a rent agreement and I'll pay the 40K/month as a rent. As I live in a tier 3 city where rent is too low compared to what I pay then is it legally possible to save the tax without getting an income tax notice? I'm ok with filling my mom's ITR as she has no other income source apart from the rent she will receive.
1.1 If 40K/month is not allowed then what is the maximum amount can I pay as a rent?
1.2 Can my parents give me that money back to my account later on?
1.1 If 40K/month is not allowed then what is the maximum amount can I pay as a rent?
1.2 Can my parents give me that money back to my account later on?