Dear Sir/Madam,
I ma planning ot gift a let out property to my wife.
If happens who has to account "rental Income" for tax calculation. Is it me or Her?
Thanks
Gangadhara
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Gifting a residentail property to spouece, tax implication?
Replies (2)
| Originally posted by : Gangadhara | ||
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Dear Sir/Madam, I ma planning ot gift a let out property to my wife. If happens who has to account "rental Income" for tax calculation. Is it me or Her? Thanks Gangadhara |
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As per Sec. 27(i) of the Income Tax Act, 1961, if an individual transfers a house property to his spouse, without adequate consideration (out of love and affection), then transferor shall be treated as deemed owner of such property.
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In such case, though your wife is the legal owner but you will be liable to tax as deemed owner of such property.
Thanks Deepak
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