Dear expert,
Can an individuat divide his property amongst legal heir? If yes, will rental income of legal heir be shown in the independent income tax return of each? Kindly help.
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DIVISION OF PROPERTY
Replies (4)
Quick Summary
Yes an individual can divide his property amongst the legal heirs as per property agreement.
The rental income can be shown by the heirs in their independent ITR as per their share
The rental income can be shown by the heirs in their independent ITR as per their share
Yes, individual can divide the property among legal heirs and rental income will be added according to their share in their respective income tax returns.
I agree with above comments and would like to add that you must also check that the provisions of clubbing of income should not get attracted in your scheme of division of property.
Agreed
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