Please its important
This query is : Resolved
01 August 2014
we are 3 brothers after the death of our father we have opened a joint account in the name of three of us. Now the rent income recieved in the joint account from the house property should be clubbed in whose name? and what if we create a trust on name of our mother and show the income received on the trust!!
01 August 2014
No need to club the income or to create a trust. The rental income can be shared equally by 3 brothers and mother there by you can reduce income tax if any.
02 August 2014
But wot if we want to create a trust in the name of our mother? will it be benificial?
02 August 2014
If you are going to utilize the rental income for charitable purpose create a trust.
If you are going to share the rental income, treat the house property under co-ownership, each one can avail basic exemption on the rental income. By this you can reduce the tax on rental income.
If you are going to share the rental income, treat the house property under co-ownership, each one can avail basic exemption on the rental income. By this you can reduce the tax on rental income.
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