Property on wife name

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vikas garg (Querist)
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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.

CA Suresh Jain

CA Suresh Jain (Expert)
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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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vikas garg

vikas garg (Querist)
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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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