We have a property in joint names of my wife and myself. We have given a portion of the house for rent. Lease agreement is in my wife's name. She uses the rent money for maintenance of the house and her personal expenses. I treat this rental money as gift to my wife. Please tell me whether I can avoid this rental income as the income from other sources in my tax return ?
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I have a friend in the country who has a big house and he rents out to local Medical Students ,earning more than Rs.15000/ per month . this is seasonal earnings which I do not know whether he declares or not. I do not think one need to declare as many farm houses are rented out without tax-man's notice. Lots of people sells chicken eggs to neighbours & in the local market from his small farms. Similarly many other goods are sold under allowable tax limits . So you can see lots of untaxed income is produced and can be earned in one tax year. more
Jul 13
Thank you On Mon, Jul 11, 2016 at 9:30 PM, Ravinder Goyal < support@localcirclesmail.com> wrote: > more
Jul 12
If the investment was made by you in the purchase/construction of the property and your wife had no sources of income then the rental income will be clubbed in your hands...you can donate this income but, first, you have to pay taxes on it because it's merely an application of income. more
Jul 12
