Please its important
This query is : Resolved
01 August 2014
we are 3 brothers after the death of our father we have opened a joint account in the name of three of us. Now the rent income recieved in the joint account from the house property should be clubbed in whose name? and what if we create a trust on name of our mother and show the income received on the trust!!
01 August 2014
No need to club the income or to create a trust. The rental income can be shared equally by 3 brothers and mother there by you can reduce income tax if any.
02 August 2014
But wot if we want to create a trust in the name of our mother? will it be benificial?
02 August 2014
If you are going to utilize the rental income for charitable purpose create a trust.
If you are going to share the rental income, treat the house property under co-ownership, each one can avail basic exemption on the rental income. By this you can reduce the tax on rental income.
If you are going to share the rental income, treat the house property under co-ownership, each one can avail basic exemption on the rental income. By this you can reduce the tax on rental income.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
