A PERSON IS HAVING INCOME FROM SALARY ASWELL AS RENTAL INCOME FROM PROPERTY. FURTHER HAS AVAILED BANK LOAN ON PROPERTY.
AS THERE IS INCOME FROM SALARY AND RENTAL INCOME, HIS TAXABLE INCOME IS ON THE HIGHER SIDE.
CAN A AGREEMENT BE FORMED TO SHARE THE RENTAL INCOME OF PROPERTY OF SON WITH PARENTS AND FILE INCOME TAX RETURNS SEPARATELY. IS THERE ANY PROVISION IN INCOME TAX ACT FOR F.Y,2016-2017
Posted 2 years, 7 months ago by premananda srinivas
Income tax is on source, whether you appropriate profits or income post generation is not a point. You can do it but if come under scrutiny you will be taxed more due to penalty and fines. Section 270(..) has penalty upto 200% for misappropriation of income.
Its better offer income in hands of father and stay away from tax mitigation, tax planning is allowed but not tax mitigation.
GAAR is on its way and put you in trouble.
Posted 2 years, 7 months ago by anonymous user
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