Rented income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 February 2013 We have joint commercial property (3 story S.C.O) in the name of 5 co-owners(me, my wife, elder brother, younger brother and sister in law), each having 20% share

For tax saving of my friend ,I want to show rental expense of my friend business, in lieu of rent paid for some portion of the above property, after consent of my wife(without consent of my blood relation).Kindly suggest

1. Is it legally viable to show that I have rented out my and my wife share(40 %) , from joint commercial property

2. If No, What can be best way to help my friend( i.e alternative way to show rental expense at same property)

3. If yes,all rental income should be in clubbed in whose total taxable income?Should I ask for cheque from my friend , to show in IT dept.?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

28 February 2013 It is advisable not to extend such help which may create dispute-

1. In your family.
2. In the Department &
3. Lastly, in two good friends.
.
Let out the property by entering into a rent agreement and with the consent of the owners of the joint property.
.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2013 can i let out from my share i.e . 20% each me and my wife from our share of property and show the rent in both returns?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Anant Kuber

FCA. LAL BAHADUR SHASTRY GUBBA

Vishal Dave

NISHANT SIPANI

sriram deven

Subscribe Now

Rented income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

Senior Executive