Rahul (Tax Payer) (24 Points)
06 June 2022I have a property. I want to Gift it to my spouse.
I will pay rent to my spouse for staying in the house
Question
The income generated from the House post the Gift in the form of rent. Who is the income owner ? Under whom will the income be added and taxed ? me or my spouse or both ?
CA Rashmi Gandhi
(Chartered Accountant)
(86313 Points)
Replied 07 June 2022
Rahul
(Tax Payer)
(24 Points)
Replied 07 June 2022
So I get HRA benefits by paying rent to my wife and then the rent adds to my income ? This doesn't make sense.
The question follows , how can I make my wife the owner of the house so that she can receive rent without the rent income taxable in my hands ? Is there any option to do this without consideration ?
Rahul
(Tax Payer)
(24 Points)
Replied 07 June 2022
What if I register the Gift Deed at the register or sub-register's office ? Pay stamp duty . This should do a title transfer and thereafter the house owner becomes my wife ?
Once the title transfer is done my wife is the owner of the house , is this not the case ?
CA Rashmi Gandhi
(Chartered Accountant)
(86313 Points)
Replied 07 June 2022
Just by transferring the property for consideration.
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