Income Tax rebate via HUF when a joint property is bought by Husband is Wife.
This query is : Resolved
22 December 2022
We husband and wife together plan to buy a property. We already have an HUF wherein I am the karta of HUF. My queries are
1. If we jointly buy a property (without HUF being a coowner), can its rent be shown as income of HUF as it is a joint family property?
2. If I buy this property with myself, wife and my HUF all three being owners, can I show complete rental income as that of HUF?
3. If I buy this property with myself, wife and my HUF all three being owners, what issues I might face while selling this property(I have two minor daughters who are also members of my HUF).
1. If we jointly buy a property (without HUF being a coowner), can its rent be shown as income of HUF as it is a joint family property?
2. If I buy this property with myself, wife and my HUF all three being owners, can I show complete rental income as that of HUF?
3. If I buy this property with myself, wife and my HUF all three being owners, what issues I might face while selling this property(I have two minor daughters who are also members of my HUF).
22 December 2022
1 No.
2 No only part of rent.
3 Capital gains taxable in all three hands.
2 No only part of rent.
3 Capital gains taxable in all three hands.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Cloud service
- Credit note Issue reg
- Sale of Gold ornaments
- Conversion of Pvt Ltd Company to a LLP
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- GST on Fresh Juice Center(Sugarcane)
- SECTION 194T
- Running non ac bus under contract with roadways
- Expenses add back in profit
- Forgot to update debit note in gst
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
