I have question related to my property and its let-out / Lease income ?
I owned one flat in Mumbai and it is solely on my name, I am the only owner of this House. Now I want to rent / letout this flat, But want to receive the rent on the name of my Parents, Both Dad & Mom, so that I can show this income against their own income. because they don't have any other Income
Now as per my knowledge, I can do this by 3 ways
1) Gift deed = Flat to my parents
2) Gift deed = add my parents name in proportion to my ratio say 33.33 % (1/3) owner of flat i.e. me, dad & mom all are 1/3 owner of the flat
3) I can rent my flat to parents and further parents rent it to some one else = sublet out
1) But my question is incase of ( 2 ) can I show all rent income under my parents even though I am owner of 1/3 share. ??
2) Incase of (3) How this whole income should be shown under individual head, under Income from House Property or Income from other Sources against my own name & my parents Name.??
3) IS THERE ANY OTHER LEGITIMATE WAY WHEREIN, I CAN EARN THE RENTAL INCOME & SHOW THE SAME IN MY PARENTS NAME ????