Income from house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2017
A property is in my name. Can a building be raised in joint ownership and income be diverted to my spouse and children. If so whether the land to be registered in there name also.
Thanking you
Thanking you
25 November 2017
It is not a necessary condition to transfer the land in their name, but if the property is in your name setup by using your funds, income cannot be diverted to spouse and children, since clubbing provision of Income Tax Act will come into picture and income of both will be clubbed with your income.
25 November 2017
Further, in certain states the local authorities doesn't permit to construct building
other than in the name of land owner. If so, the query becomes infructuous.
other than in the name of land owner. If so, the query becomes infructuous.
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