Dear All
Suppose i have an commercial property in the name of 4 person. viz Father, Mother, Brother & Me. I want to give said property on rental basis. Can i receive rent on name of any person depending on Tax Liability.
It is legally allowed or not to receive rent on any two party to save the Tax Liability??.. Please suggest
If the rent receiver are in highest bracket of tax....... it will be allowed........
Otherwise NOT.
Rental Income is taxable in hands of all the four owners equally. There is no way to receive rent in any person's name to avoid tax liability.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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