TRENDING NEWS

POPULAR NEWS

Can I Rent Out Office Space From A Friend And Deduct On My Taxes

Is it right for me to submit fake rental receipts at my office, to avoid tax? Does the Indian state/central govt ever track these fake receipts?

Using the word “fake” receipts will create a negative impression among the readers who are willing to answer you. But i understand your situation. While business men make fake bills or inflate their expenses to reduce their profits and hence pay less tax, a salaried individual has limited scope of tax savings. Major chunk of tax could only be saved using HRA.Now answer to your question. Using fake receipts is not a good idea. In fact its a terrible idea. Here is what you can do. Make a registered agreement with the owner of the house (i.e your father, mother). Transfer monthly rent into their account (you can let them keep it as maintenance or ask them to withdraw cash and give it back to you). And then claim HRA. Now you may be thinking can i claim HRA for the rent paid to my own father? Yes you can, as long as the house belongs to your father. Please google and refer the case: “Bajrang Prasad Ramdharani vs ACIT” if you wish to gain more insight (the landlord in this case is wife of tenant, HRA deduction was earlier denied but later granted by the highcourt)Keep few things in mind though:How much tax you will save using HRA deduction?What will be the stamp duty and other documentation charges for registering rent agreement?Since you pay rent to your father, it will be an income from house property for your father. Does your father falls in tax bracket. If so how much tax will he be obligated to pay?Is the sum of answer 2 & 3 less than 1? If yes (by big margin) then for it. If No then go for honesty is the best policy.To completely nullify the risk, instead of making rent agreement with father, you can create rent agreement with any of your friends or relatives who owns a house and is staying at the same city. (If they don’t have any other income and if they are willing)Above thing is legal, but unethical. you know like slavery use to be legal, but unethical. Only opt for the methodology if your financial base is shaken. If you are doing well in life then stick to honesty. Because tax savings could be valued in monetary terms. But peaceful sleep at night is priceless.Hey one more thing. I stay in suburbs of Mumbai. Government just made additional road near our area which made commuting very easy for us. And money for that construction came from taxes you paid. So thanks a lot for that. I hope you understand why i am saying this. :)

Will the Marine Corps pay for early return of dependents prior to PCS?

It will depend on how far in advance you want to go. If it is just a few weeks, possibly but it will have to be approved. If it is greater than that then it would be considered an EROD - early return of dependents and that definitely has to be approved. You would not get TLE or Per Diem when looking though, it will be at your own cost.

Just remember that his/her orders can change right up until the last minute. So do what you can online. I have a friend who had orders from Okinawa to South Carolina, then 2 weeks before they were flying out (after their stuff had been shipped), the orders got changed to San Diego instead. So that was a huge mess they had to go through to get there things back, get their car, find a place and everything else. Sometimes it might be better to wait.

What happens to your stuff when you get evicted and leave your stuff behind and are unable to pay the rent?

Most states require the landlords to store persona property of their former tenants for a certain period of time. This period of time vary from state to state, however the time frame could be 30-90 days.

If the landlord have sufficient space he might store your personal items. He could charge you a storage fee.

If a landlord does not have sufficient storage space, he might place your persona items in a storage facility. Once your personal items are in a storage facility, your former landlord would send you the storage location as well as the cost of the storage, to your last known address. This would probably be to your former address. If you have provided the post office a forwarding address, you would receive the
notice.

Based in your statement it might be that you got a notice to quit or pay rent. This notice would have been issued by your landlord. In most states this notice would give 3-10 days to pay the rent or leave your rental unit. Since you moved based on the notice, given by your landlord, you were not evicted.

Had you been evicted a local law enforcement agency would have came to your rental unit and would have had you place your personal items outside the rental unit.

If there are personal items yo would want, you should make arrangements with your landlord to come by and pick what you want, and inform the landlord, you have no facility to place the remaining items in and he should dispose of them as he see fit. You might be required to sign a statement to that effect.

Your former landlord in not legally able to prevent you from taking as many of your items as you want and legally can not hold your personal items because you are behind in your rent or perhaps you left damage to the rental unit.

If there is unpaid rent or damage to your rental unit, that exceed your deposit, your landlord would be required to sue you in small claims court for these financial losses. Some landlords might chose to deduct these unpaid rents and damages o their federal income tax as the time spent in court and the possibility of not being able to collect, make this a better financial choice.

I hope this has been of some benefit to you, good luck.

'FIGHT ON"

TRENDING NEWS