can a father who has acquired a property through will on which flats have been constructed by entering into an agreement with builder to develop the property by constructing flats on it which are to dividend mutually between them, transfer his share of flats between his 2 sons and himself mearly by executing a partition deed among himself and 2 sons.
After executing a partition deed income from rental of flats will be considered whoes income.
As per partition deed or whole income will be taxable in father's hands.
in execution of partition deed no consideration is involved.
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house property income
Replies (1)
Although no consideration is involved but income will be taxable in the hands of person who is owner of the property.
So it will be taxable in hands of Sons and father in proportion as per partition deed
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