SHANU SHANKLESHA (ca) (58 Points)
09 October 2017Dear All
Suppose i have an commercial property in the name of 4 person. viz Father, Mother, Brother & Me. I want to give said property on rental basis. Can i receive rent on name of any person depending on Tax Liability.
It is legally allowed or not to receive rent on any two party to save the Tax Liability??.. Please suggest
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 09 October 2017
If the rent receiver are in highest bracket of tax....... it will be allowed........
Otherwise NOT.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 01 November 2017
Rental Income is taxable in hands of all the four owners equally. There is no way to receive rent in any person's name to avoid tax liability.
CAclubindia
