Gangadhara (Professional) (62 Points)
15 March 2013Dear Sir/Madam,
I ma planning ot gift a let out property to my wife.
If happens who has to account "rental Income" for tax calculation. Is it me or Her?
Thanks
Gangadhara
Deepak Gupta
(CA Student)
(15922 Points)
Replied 15 March 2013
| Originally posted by : Gangadhara | ||
 |
Dear Sir/Madam, I ma planning ot gift a let out property to my wife. If happens who has to account "rental Income" for tax calculation. Is it me or Her? Thanks Gangadhara |
 |
As per Sec. 27(i) of the Income Tax Act, 1961, if an individual transfers a house property to his spouse, without adequate consideration (out of love and affection), then transferor shall be treated as deemed owner of such property.
.
In such case, though your wife is the legal owner but you will be liable to tax as deemed owner of such property.
CAclubindia
