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Subletting the property

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

What is concept of subletting in India.?..Is it legal..My Sir has taken one office on rent of Rs 15500 which sir wants to give on rent to daughter for office purpose. .She is also making payment to Sir of Rs 15500 ..Will these Sub letting can be shown in books of account of company of my Sir..

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hi, Yes ur sir can show the amount of subletting in the books as per the income tax act. Hope this helps you. Thank you

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Open uri20170510 32134 ng4pv?1494421709 answered

subletting means to again let out the leased property to another person (2nd tenant) in return of a monthly rent however this is possible only if legal agreement exist between the landlord & 1st tenant. The 1st tenant cannot himself give away the property on rent to any third party else the landlord can evict you from the property. **Taxation of Subletting :** Rental income in the hands of landlord ( or say owner) from 1st tenant is charged to tax under the head “Income from house property”. However rental income received by 1st tenant from sub-letting it to 2nd tenant is taxable under the head “Income from other sources” or profits and gains from business or profession, as the case may be. **Disclosure of Subletting Income in books of Account** : Income from subletting needs to be disclosed in books of account of company if it is out of proper agreements.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Subletting means leasing out of property by original lessee to another person. Yes, sub letting is legal if original lease agreement provides a clause wherein lessee is allowed to sub let. Yes, these subletting can be shown in books of accounts of company provided it is supported by proper agreements.

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