i own a house on my name. i want to give my wife the monthly rent received from the house. Is there a provision to show the rent as income for my wife instead of me. i am taking interest paid on home loan in my tax returns.
Replies (6)
Quick Summary
This discussion explores the possibility of redirecting rental income from a jointly owned property to a spouse for tax purposes. While directly assigning rental income to a spouse when the property is solely in your name and you claim mortgage interest is generally not permissible due to income clubbing rules, there are potential avenues. These include claiming expenses for furniture and fixtures if owned by the spouse, though paying rent directly to a spouse for the property itself is not allowed. Tax relief on rental income is primarily limited to mortgage interest and standard deductions.