29 March 2016
Hi, I am earning rental income from 4 properties which are in my wife's name, earned by her own income. After she died all of the ownership legally comes to me along with its rental income. I have a minor son, a married daughter & parents. So, How do I do tax planning so that no tax arises. I have my own taxable salary income for which I receive Form 16.
30 March 2016
Shantanu, We will suggest gift your property to your parents (Mother and father). If you have transferred property to your parents via Gift then no income tax as well as no Stamp duty will attract. And subsequently Rental income will reflect in the income tax return of your parents.
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