Income from commercial property

Others 430 views 2 replies

Hi,

 

I have a income from commercial property and i want to find if there is any way i can share this income with my spouse who currently is not having any income.

The property is in my name. I basically seeing if there are any way in which i can reduce the tax on this income.

 

Is forming a partnership company with my spouse can be helpful, please advice what steps can be taken.

Thanks

Replies (2)

 

       
         If you directly gift the property to your spouse ,then income from Commercial property will be charged in your hands only, since there is no consideration(Sec 27(1)).to avoid this you can Gift your spouse with sufficient  money on some occasion, then transfer a part of your property to your spouse accepting  appropriate consideration

Thanks Santhosh,

 

What i have also learned is that if i gift the property to spouse then the income will be clubbed to mine itself. Is this correct, please advice.


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