Pradeep nar (software engineer) 31 July 2013
Hi All,
We have a ancesteral Property which earns rental income of 60K per month.
My Questions is:
1. Can we divide the rent recevied into 3 parts and show them under individuals income (Myself, brother and mother). so that we won't end up in higher tax slab.
498A__misused (Sec) 31 July 2013
Property is registered on one person means you are the benificiery , you can not claim what you are saying .
jayakumar.R (ADVOCATE & LEGAL CONSULTANT) 31 July 2013
Ancestral Property means all your family members (i.e. legalheirs) having equal rights so your rental income also shared by the members so income also divided so share of the income after yearly out goes only taken into consideration for tax
Vallabh Parmar (Advocate) 26 August 2013
All properties of HUF needs to be distributed in hands of all three brothers and application us 171(1) needs to be filed before AO and AO will give a finding to that effect US 171 of I T Act and there after all individual can show there share of rent in there individual hands and pay taxes accordingly.
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