Subletting house to avoid income tax on rental income

J P Sahoo (a) (25 Points)

09 May 2012  

Both i and my wife jointly own a house. Can we give the house on a nominal rent (amount X)to my father, who in turn sublets the house on rent(amount Y,Y>X)? If that 's the case, whether the amount Y will be taxable under our income? or only X will be taxable?