Rental income on inherited property
This query is : Resolved
14 June 2022
I have rental income from inherited property. The property was on the name on my grandmother and is on rent. I receive portion of the rent after death of my grand mother and my father which increased my tax liabilities being salaried person.
Can I create a HUF, me as karta and my wife and son as members and give pan number of HUF for transfer of my portion of rent into HUF account? Will it work to avoid the additional tax and simplify my ITR filing just using FORM 16 i received from my employer.
Can I create a HUF, me as karta and my wife and son as members and give pan number of HUF for transfer of my portion of rent into HUF account? Will it work to avoid the additional tax and simplify my ITR filing just using FORM 16 i received from my employer.
16 June 2022
Yes, it is possible with division of your inheritance rights in the property in HUF favor, provided the HUF created before the date of transfer of such rights. Need to consult local legal advisor before any such decision.
20 July 2022
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