Hi their,
My mom as a property from which rental income is coming, now she has transfered the said property equally in 2/3 to me and my bro. Now we all 3 are equal owners. I want to know that now income coming from the said property will be tax to all or only my mom as per IT Act ? cheques of rent are coming seperate for all of us.
Please resolve my this query.
Thanks
Vinay
All 3 will have to pay tax as co owners u/s 26....calculate the total taxable amount and divide it into 3 parts.....
thanks for the reply.
but i was thinking my mom will be tax only as she will be the deemed owner na !
is I am right or wrong ?
your mom would have been the deemed owner as per section 27 in case she transferred the house without adequate consideration to her sopuse or minor child...u are not minor right?
in case u or ur brother is minor then she will be the deemed owner...
ya you are right thanks for the reply.
and will this case also not come under without adequate consideration, as we have only paid gift deed tax on transfer and on other payment to them na.
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