Income from house property

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Rahul Prasad (Querist)
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21 December 2015 Dear sir.
one client have house property by their father name. Now rent from that is being taxed in account of father. 1.Client wish to take on lease that whole property and then can all income from house property will be of son. is it will be appropriate or 2. father will make a gift deed of property?
What situation can be better as per law?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 December 2015 Making gift deed of the property is the best way. Lease rent will be taxed in the hands of the father in case of lease.

Ankur Singhal

Ankur Singhal (Expert)
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21 December 2015 but under gift deed also the rent will be taxed in the hands of father since property transferred for an inadequate consideration.
So both the options do not fulfill you requirement.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 December 2015 Mr Ankur Singhal clubbing provisions not applicable when gift is from father to son check the provisions.

Rahul Prasad

Rahul Prasad (Querist)
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21 December 2015 thanks for the answering would you plz quote section applicable. and for gift deed what is the process?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 December 2015 Refer section 64 of Income tax Act. Consult a lawyer he will guide you prepare gift deed.

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