Muslim joint family
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2017
Sir, we have a family business of rented shops and house rent, as the whole income tax is paid by my father.
Now he is 60+ of age and willing us to run the business, we are four brothers and sisters, now sir without partition of the business, can we do partition in the income tax return file.
Now he is 60+ of age and willing us to run the business, we are four brothers and sisters, now sir without partition of the business, can we do partition in the income tax return file.
14 September 2017
No. That is not possible.
At the most what you can do is let father lease out the property to 4 sons either jointly or independently/separately.....and then the sons can sub lease the property. Care should be taken of lease agreement done at standard rent...
At the most what you can do is let father lease out the property to 4 sons either jointly or independently/separately.....and then the sons can sub lease the property. Care should be taken of lease agreement done at standard rent...
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