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DIVISION OF PROPERTY

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Financial advisor
591 Points Joined December 2014

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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On 22 May 2021 at 16:27 Report
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Chartered Accountant
24588 Points Joined November 2019
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
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On 22 May 2021 at 16:39
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Learner
2398 Points Joined May 2019
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.
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On 22 May 2021 at 17:45
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tax consultant
3306 Points Joined October 2018
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.
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On 22 May 2021 at 21:44
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Chartered Accountant
24588 Points Joined November 2019
Agreed
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On 23 May 2021 at 06:05

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