11 July 2011
obviously it would be done, but this will give you no relief ultimate if you transfer the property without consideration, clubbing provisions will be initiated and you will face same situation after that.
right now, as she is joint holder, issue rent receipts in her capacity and receive rent, use to pay taxes and normal maintanace to property through her bank account (not cash), and claim it as HP income in her file, this will reduce your tax burden.
Remember that after this, you dont have to spend any amount direct or indirect way towards house property maintanance or development ( minor)
11 July 2011
you can make an simple agreement that
due to love and affection, and your busy schedule for your own profession, you disvest your claim on rent received on property ( mention property details) and would not claim it in future,
However this will not pass on the ownership rights to her.
this entitle her to receive rent and maintain property, and get the funds used for herself,
clubbing provisions means the whole amount would get clubbed to your tax file and would be taxed accordingly.
CAclubindia
