income division
This query is : Resolved
09 September 2008
Dear Sir,
One of my client is receiving property rent around 18 lacs p.a. And he wants to divide the income between him & his spouse and also to divide the taxation between each other as the property was purchased by using the funds belonging to both of them.
But the property is registered in the name of one person only and the division of property between them will require a lot of registration expenses which he wants to save.
Sir, what will be the best way to solve it
One of my client is receiving property rent around 18 lacs p.a. And he wants to divide the income between him & his spouse and also to divide the taxation between each other as the property was purchased by using the funds belonging to both of them.
But the property is registered in the name of one person only and the division of property between them will require a lot of registration expenses which he wants to save.
Sir, what will be the best way to solve it
09 September 2008
I think after the aboliton iof gift tax act, you can register a gift deed between husband and wife for as little as 2000/- in Karnataka, check with your state registration. Even a release deed can done where you can release her share of 50%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
