Paying Rent through Axis Vistara Signature

[rj_arora]

Hi guys, I live in a Tier-4 city, and I am paying rent to my father currently through Axis Vistara Signature (20,500) per month, using magicbricks. I have three questions-
1. I am paying 20,500 per month, so the income against his PAN is below 2.5L per year. Can I pay more, too (below 5L per year) and show that in ITR? Is it fine to pay 5L a year's rent in a small city?
2. Is magicbricks the most cost-efficient (They charge about 200 for 20.5K)? Or are there any other better services?
3. Is Axis Vistara Signature good for this? I am eligible to get Magnus also, but I don't know how will I spend 1L per month there.

Waiting for your valuable inputs 🙂

 

[rj_arora]

@Subhankar @TechnoFino @Copycat Any views sir? 🙁

 

[Copycat]

1) Please have a look at this https://timesproperty.com/news/post/tax-on-rental-income-from-house-property-blid1649 to get your answer to point 1. I guess you already know that if the rental income is above 2.5L then your father has to pay income tax. But see the link for a more detailed answer
2) No idea. We live with my parents in a house owned by them but don't pay rent as they are already taxpayers
3) If you do not have sufficient expenses then don't go for Magnus

 

[Rodeo]

@Copycat you should still pay rent as your parents will only need to pay on tax on a portion of the rent as they can show some portion as maintenance cost.

 

[TechnoFinoTechnoFino is verified member.]

Hi guys, I live in a Tier-4 city, and I am paying rent to my father currently through Axis Vistara Signature (20,500) per month, using magicbricks. I have three questions-
1. I am paying 20,500 per month, so the income against his PAN is below 2.5L per year. Can I pay more, too (below 5L per year) and show that in ITR? Is it fine to pay 5L a year's rent in a small city?
2. Is magicbricks the most cost-efficient (They charge about 200 for 20.5K)? Or are there any other better services?
3. Is Axis Vistara Signature good for this? I am eligible to get Magnus also, but I don't know how will I spend 1L per month there.

Waiting for your valuable inputs 🙂

1. In terms of tax, yes you can pay upto 5L per year, but file tax return, coz income will be more than 2.5L
2. Check technofino.in article by bhavye... visit technofino.in and you'll find that on the home page.
3. Yea, it's a good card... magnus is good even without monthly milestone if you are looking for redeeming your points for airmiles.

 

[amitamit is verified member.]

when Silver tier will be activated?

 

[rj_arora]

when Silver tier will be activated?

Don't know, man. It has been more than 20 days, still no info related to Vistara

 

[amitamit is verified member.]

may be after bill generation and bill paid date.

 

[Slayer]

may be after bill generation and bill paid date.

My gold tier has not been activated even after first statement generation

Have received 2.5L milestone ticket but not CV Gold and joining fees ticket

 

[rj_arora]

1) Please have a look at this https://timesproperty.com/news/post/tax-on-rental-income-from-house-property-blid1649 to get your answer to point 1. I guess you already know that if the rental income is above 2.5L then your father has to pay income tax. But see the link for a more detailed answer
2) No idea. We live with my parents in a house owned by them but don't pay rent as they are already taxpayers
3) If you do not have sufficient expenses then don't go for Magnus

RedGiraffe is not showing Axis Bank CC under the cards list 🙁

 

[SubhankarSubhankar is verified member.]

Hi guys, I live in a Tier-4 city, and I am paying rent to my father currently through Axis Vistara Signature (20,500) per month, using magicbricks. I have three questions-
1. I am paying 20,500 per month, so the income against his PAN is below 2.5L per year. Can I pay more, too (below 5L per year) and show that in ITR? Is it fine to pay 5L a year's rent in a small city?
2. Is magicbricks the most cost-efficient (They charge about 200 for 20.5K)? Or are there any other better services?
3. Is Axis Vistara Signature good for this? I am eligible to get Magnus also, but I don't know how will I spend 1L per month there.

Waiting for your valuable inputs 🙂

1. Paying rent comes under taxation but your limit is there, but filing income should be having that credibility to match the rent payment.
2. As TechnoFino already mentioning, do check the article of Bhavye on rent payment
3. You don't need to do 1L every month. I mean that's the optimal usage. Not everyone have that high spending. I've written an article on Magnus' Optimal usage, feel free to check it out

Axis Magnus : Optimal Usage Guide and Valuation

Axis Magnus is undoubtedly the hot cake in the credit card community now. Everyone is jumping for it just because they just don't want to miss out. There are people who also are thinking if it's the right card for them or not as their spending is not at the higher end. This article is going to...

www.technofino.in

 

[Copycat]

@Subhankar @TechnoFino @Copycat Any views sir? 🙁

In addition to what I mentioned above please do read Subhankar's article that views Magnus points from an air miles perspective. I followed a slightly different approach for myself as I'm not in the air miles game but prefer vouchers. I used this reasoning to decide for myself. https://www.technofino.in/community...-case-like-mine-please-advice.4181/post-71302. The first thing you need to do is write down all your likely spends for the year

 

[rj_arora]

@Subhankar @TechnoFino @Copycat I registered myself on redGiraffe. But they are not validating the rent agreement, which I generated using magicbricks. They are asking to upload notarized rent agreement. What to do?

 

[satviksehgal]

@Subhankar @TechnoFino @Copycat I registered myself on redGiraffe. But they are not validating the rent agreement, which I generated using magicbricks. They are asking to upload notarized rent agreement. What to do?

You can try using CRED or Paytm. Charges may be 100 INR extra.

 

[rj_arora]

You can try using CRED or Paytm. Charges may be 100 INR extra.

I need to send 40K per month. So it would be around 500 extra

 

[hashiro7hashiro7 is verified member.]

I need to send 40K per month. So it would be around 500 extra

Pay via Magic Bricks using HDFC, and BOB cards if you have one - the convenience fee charged is deducted to INR 250.

@Subhankar @TechnoFino @Copycat I registered myself on redGiraffe. But they are not validating the rent agreement, which I generated using magicbricks. They are asking to upload notarized rent agreement. What to do?

Get a Notary Agreement which will cost INR 1500 if you are making more profit.

 

[rj_arora]

Pay via Magic Bricks using HDFC, and BOB cards if you have one - the convenience fee charged is deducted to INR 250.

Get a Notary Agreement which will cost INR 1500 if you are making more profit.

I mainly want to use Axis Vistara Signature

 

[hashiro7hashiro7 is verified member.]

I mainly want to use Axis Vistara Signature

Then via PayZapp on RedGirraffe which will be 0.45% or the cheapest without a rent agreement is NoBroker 1.1% + GST

 

[Slayer]

PayTM or Cred charges around 1.5-75% and i don't think it's a 500 rupis difference

 

[rj_arora]

PayTM or Cred charges around 1.5-75% and i don't think it's a 500 rupis difference

calculate the value of (1.75 - 0.45)/100 * 40000