I am highly salaried employee. I want to transfer my rented property to my wife without any consideration by way of Gift deed and proper registry. Rental income is 400000 yearly.
Can I save tax on my rental income by way of such transfer ?
or there is any other alternate available ?
Please suggest.
6 Replies
Ajay Singhal
(6 Points)
Replied 25 January 2021
Yes, u can gift her immovable property bt make sure she has not more than two house property in her name otherwise she has to show notional rent on 3rd house property
Mohit Agrawal
(AUDIT MANAGER)
(104 Points)
Replied 25 January 2021
It means clubbing provisions will not applicable in this case ?
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 25 January 2021
Clubbing provisions will apply in this case
Ajay Singhal
(6 Points)
Replied 25 January 2021
If the transfer is made to other relation such as parents, major son, major daughter or grandchildren etc. then it will not cover under the clubbing provision even if the transfer of asset is without consideration, u can't do that ??
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 25 January 2021
Yes then also clubbing provisions will apply
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