Letting out of home query.
This query is : Open
02 March 2017
Hello, Good morning experts.
I am an owner of a registered flat in Mumbai. The flat is in my single name. Now I am planning to move in suburban area in Mumbai.
Now I am planning to let out this flat and myself with family go on rent to another place.
My query is :
1. Can I make my current he agreement in my wife's name as a Licensor, instead of my name? Will it be hold valid in law?
2. What tax implications she would have to bear? Our strategy is clear that we will give our this flat on rent and take another on rent, so in net there are equivalent expenses for the income we generated?
02 March 2017
HI Vaid,
In any of the case Rental income (after deducting 30%) is taxable under Income tax. And there is no such relief for set off of rent paid against the rental income received.
In any of the case Rental income (after deducting 30%) is taxable under Income tax. And there is no such relief for set off of rent paid against the rental income received.
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