SKUMARA1997 (Officer) 19 February 2016

Tax implication of house

What will happen in terms of income tax in the following situation.

1. A person has three houses , but both are joint mane .

2. Property 1 -> His name with his mother. / Propert 2 - > His name with Father . / Propert 3 - > His name with Wife .

3. The Person is salaried and files income tax . But His monther / Father and wife's income is non taxable abd they doesn't file reture.

4. What will the income tax implication on this three person .

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4 Replies

ABHIMANYU JHAMBA (PROPRIETOR) 23 February 2016

You need to provide the details of the income of the other three persons. Also whether these properties are self occupied/ rented??? Abhimanyu Jhamba CA Advocate 9218999999

SKUMARA1997 (Officer) 25 February 2016

First property is occupied by the person . Second property is occupied by his parents. Third is vacant (not having any rental income ) .

Ms.Usha Kapoor (CEO) 28 August 2016

Transferring the property to ur parents may save you from tax laibility but not to your wife., If she has her own independent income she would betaxed. If she ha no source of independent income and whoklly dependent on yoy it would be included in your total income and taxed accordingly. But a loan or gift from her prents in law to their daughterin law saves taxes gift or income tax or otherwiise. But the same she receives from her brother, sister, Parents she atracts tax laibility and it would be clubbed in your total income and taxed accordingly. Any way spreading the house property ammong your parenta ansd wife reduxes your tax laibility and you can claim exemptions, deductiuons and rebates wherever applicable i toyou as per amended rules of IT and Gift Tax Law.