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Simply memorize these rules
Simply memorize these rules: by distributing your rental income among family members, you can save on taxes.
Saving on taxes is a dream for everyone, and when it comes to rental income generated from a property, it becomes even more crucial. If you were told that you could save on income tax for the entire amount of your rental earnings, you might initially suspect that there is a catch. However, if the correct legal methods and the regulations outlined in the Income Tax Act are followed, this is entirely possible. Let us understand how you can reduce your tax burden by holding your property under joint ownership with your spouse, parents, or children.
What is Rental Income Splitting, and How Does It Work?
If you are the sole owner of a property, the entire rental income will be added to your personal income. If your other sources of income (such as your salary) already amount to ₹15–20 lakhs, this rental income will also fall into a higher tax bracket.
The Magic of Splitting: Let’s assume a property has three equal co-owners.
Total Rental Income: ₹15 lakhs per annum.
One Owner’s Share: ₹5 lakhs.
The Tax Math: If the other income of all three co-owners is relatively low, the tax liability on their respective share of income (up to ₹5 lakhs) could be minimal—or even zero—depending on whether they opt for the old or the new tax regime.
How to Make This ‘Legal’?
The Income Tax Department does not simply accept the addition of names on paper alone. To establish the legal validity of such an arrangement, certain conditions must be met:
Legal Registration: The names of all co-owners, along with their respective shares (e.g., 50:50 or 30:70), must be clearly specified in the property’s Sale Deed or Gift Deed.
Financial Contribution: Most importantly, the co-owners must have contributed financially towards the purchase of the property. These funds may originate from their own personal earnings or be financed through a joint home loan.
Gift Deed: If you have gifted a share of the property to a family member, the transfer must be duly registered. The Threat of ‘Section 64’: Clubbing Provisions
There is a significant catch here, known as Section 64. Many individuals register property in the names of their spouses or children to save on taxes; however, the Income Tax Department may deem this to be ‘tax evasion.’
Transfer Without Consideration: If you have ‘gifted’ a share of a property to your spouse without receiving any monetary consideration in return, the income (such as rent) generated from that specific share will be added back to your own income. This process is referred to as ‘clubbing.’
How to Avoid It: Clubbing provisions will not apply if the co-owner has contributed their own funds toward the property or has received their share through inheritance.
Essential Documents to Safeguard You Against Disputes
Should the Tax Department initiate an inquiry, you must have the following documents readily available:
Registered Sale Deed: A document clearly establishing ownership rights.
Rental Agreement: The rental agreement must list the names of all co-owners.
Bank Statements: Rental income should be deposited directly into the respective, separate bank accounts of the co-owners.
Home Loan Certificate: If a home loan was availed, the certificate must list the names of all borrowers and include proof of EMI repayment.
Gift Deed (If Applicable): A registered deed with proof of stamp duty payment.
Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
Source : msn.com
Source: OfficeNewz
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