Rental Income
This query is : Resolved
06 November 2008
Dear Sir,
We are three family members having rental income of all around Rs.25 lakhs so there is so much burden of tax on us.We can taken all deductions. Is there any way we can reduce the tax by creating a trust or creating a firm.
Thanks.
We are three family members having rental income of all around Rs.25 lakhs so there is so much burden of tax on us.We can taken all deductions. Is there any way we can reduce the tax by creating a trust or creating a firm.
Thanks.
07 November 2008
Create a private trust for the benefit of your children by transferring the property into it. The Rental Income will be taxable in the hands of a trust after claiming the basic exemption limit.
Hence, u can enjoy the basic exemption limit twice. Once, in ur hand and secondly, in the hands of the private trust.
Hence, u can enjoy the basic exemption limit twice. Once, in ur hand and secondly, in the hands of the private trust.
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Long Term Service award taxability in hands of company
- Free lancer income
- Last year TDS Claim
- Specified Profession
- STCG FOR GOLD ETFs
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
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
