Property on wife name
This query is : Open
08 December 2016
One of my relative bought property on wife 's name from his money showing as loan given to his wife. What are the tax implications involved. Also when the property is given on rent then under whose income the rent will be accounted. What would be scenario when instead of loan the money was gifted.Kindly reply.
08 December 2016
Wife can buy the property out the money received as loan from her husband. The Income from such property shall be the income of Wife only. Husband should charge interest on loan at a reasonable rate.
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08 December 2016
Thanks for your reply. The loan given his wife was just recorded on a piece of paper. Is it legality valid. If not then what is the proper way of documentation.
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