Can Rental income be Transferred to a Power Of attorney Holder?
Can Rental income be Transferred to a Power Of attorney Holder?
The income is usually that of the beneficial owner of the asset. Power of Attorney holder is acting on behalf of the person entitled to receive rent and no risk is transferred on him. He cannot be taxed for the rent he receives and acknowledges but the cheque should be in name of and deposited in the owner's bank account.
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