How would an individual assessee be taxed as a deemed owner and how would his spouse be taxed as the legal owner when the individual transfers ownership of property through a Gift Deed to his spouse, changes all rental agreements to the spouse's name, and ensures TDS deductions are reflected on the spouse's PAN for the FY 2023-2024, considering the TDS deducted on the spouse is already reflecting in the AIS of the spouse?
1. Wife will not be taxes.
2. Rental income need to be declare in Husband's ITR.
3. In TDS column of wife's ITR the claim to be transferred to Husband's PAN.
Gowra Ventures Pvt Ltd
Hyderabad
CA
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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CCI
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