Dear sirs,
My commercial property valve 45 lacs,
Can i sell this flat to my housewife for 5 /10 lacs rupees ?,
Reason :Rental income coming from this property is taxed to me for 30 % ?
Any other suggestions to avoid this 30 % Income tax.
Waiting for ur valuable suggestions.....
You cannot sell. You may gift this property in favor of your wife. A gift deed duly stamped and registered will have to be prepared. The property will then be transferred to your wife and then she will show the rental income in her ITR.
You should apply for HUF and avail benefit of Tax Saving accordingly.
Abic and Mani Chartered Accountants
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