We ( two bro) are having a commercial building which is in the name of my Father. We are now renting out to a single party with three separete 11 months rental agreement ( floor by floor) in
one n my name
one in my brother's
one in my Father's
Now the party to whome we are renting out is advising my father ( building in Father's name) to have a sublease agreement with we both.
1> Is it advisable to have a sublease agreement like that?
2> if sublease come into existence, then howz the tax liabailty on the income we are receiving, shold my father is liable for all income or it will get splitted among us accoridng to the rental agrement.
Please help
CAclubindia
