We have joint commercial property (3 story S.C.O) in the name of 5 co-owners(me, my wife, elder brother, younger brother and sister in law), each having 20% share
For tax saving of my friend ,I want to show rental expense of my friend business, in lieu of rent paid for some portion of the above property, after consent of my wife(without consent of my blood relation).Kindly suggest
1. Is it legally viable to show that I have rented out my and my wife share(40 %) , from joint commercial property
2. If No, What can be best way to help my friend( i.e alternative way to show rental expense at same property)
3. If yes,all rental income should be in clubbed in whose total taxable income?Should I ask for cheque from my friend , to show in IT dept.?
CAclubindia
