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House Property Rent

Mitesh Patel (75 Points)

23 March 2024

Hello,

My mother is the owner of a commercial property.

Can my wife and I receive the rent for this property in our names?

what are the ways to save tax on the rent received from this commercial property?

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5 Replies

CA Aakarsh Jain (CA) (10431 Points)
Replied 23 March 2024

Hi, if your mother is the owner of the property, then rent will be taxable on her hands. If you want to save tax on that, then let me know, and I can advise you the ways. Please check your inbox.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 23 March 2024

@ Mr Mitesh Patel,

As per Your query Your mom is the owner and the income is Your mom's income.

So, it's better to collect the rent to Your mom's account.

Mitesh Patel (75 Points)
Replied 23 March 2024

I want to know the ways that can save tax on rent income

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 23 March 2024

Income will be taxable in the hands of your mother only.

There is some ways to mitigate tax but same is needed to be discuss , contact me. I will DM you my details.