Dhiraj godghate (Others) (36 Points)
18 April 2014Dear sirs,
My commercial property valve 45 lacs,
Can i sell this flat to my housewife for 5 /10 lacs rupees ?,
Reason :Rental income coming from this property is taxed to me for 30 % ?
Any other suggestions to avoid this 30 % Income tax.
Waiting for ur valuable suggestions.....
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 April 2014
You cannot sell. You may gift this property in favor of your wife. A gift deed duly stamped and registered will have to be prepared. The property will then be transferred to your wife and then she will show the rental income in her ITR.
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 11 February 2020
You should apply for HUF and avail benefit of Tax Saving accordingly.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
