I have one friend whose parents have bought a property from their money and mentioned friends name on the registration of the property .So my friend is the solo owner of the property now . He is dilemma whether the rent received from that would be taxable on his name or on his fathers name . His father has payed all the amount . I advised him about tax clubbing that exists for married people . So rental income would still be taxable on his father . Can someone help in this case as its slightly tricky to understand the rental owner .
In a similar scenario what if child buy the property from his money and parents have their name on it , who will own the income derived from such property ?
CAclubindia
