Gifting a residentail property to spouece, tax implication?

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.
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In such case, though your wife is the legal owner but you will be liable to tax as deemed owner of such property.
 

Thanks Deepak