Tax on rental income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2012
Dear all,
my spouse has a rental property in his name and he also has salary which falls in the 30% tax bracket. by giving property on lease he will be taxed on the rental income at 30%. the TDS will however be 10%. is there any way to plan in order to reduce tax liability. my salary falls below the taxable limit.
my spouse has a rental property in his name and he also has salary which falls in the 30% tax bracket. by giving property on lease he will be taxed on the rental income at 30%. the TDS will however be 10%. is there any way to plan in order to reduce tax liability. my salary falls below the taxable limit.
01 August 2012
You may purchase the property from him by making payment to him. The consideration payable by you should be an adequate consideration. You have to incur registration expenses also, which is one time cost.
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In case you are not having sufficient funds you may avail loan. He may give you interest free loan also.
.
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In case you are not having sufficient funds you may avail loan. He may give you interest free loan also.
.
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