Tax planning on rental income from shopping mall

One possibility :

If the owner lease out the mall to his wife and 7 children (all above 18 years old), for a relatively small amount, he can reduce his income to the extent of lease rent received from his wife and children. Also, he can claim 30% and interest on loan as deduction u/s 24. At the same time, each of the lessees can claim the lease rent as deduction u/s 57 (considered as income from other sources because the property is not owned by them. Each of them can also utilise the basic exemption limit of Rs. 2 Lakhs. Hence the overall tax liability will be much lower than that payable if shown under the ownership of one individual.

Am I right ? Please share your views..

Thanks in advance..

vinodaca74 @ gmail.com