Hi Folks,
Backgroud : Two brothers under 50: 50 partnership build a commercial complex on plot that belongs to their father Land Partition is not over yet and building and land on which building stands is in name of the father.
My Father (70 yrs) is a Retired Teacher earning around 2L per annum as pension.
We are expecting to get a monthly rental income of 1,60,000/- per rent ( 10% of that will be reduced as TDS).
Q1 Could you please let us know on how much Tax my Father to pay per annum after considering all Tax saving options.
Q2 Also as the investment done by we both brothers, is there any legal alternatives to share the income Tax liability among we three to save the tax.
Could you please help on these two queries please.
Thanks
Joseph
