Hope you are doing good!!
This is Rahul from Hyderabad. I leased out my land which is located in kukatpally, Hyderabad, for a rent of 4,00,000 INR per month.
The total extent is 1 and half acres and the entire property is registered on my name. Can i request the tenant to issue two cheques of equal amount, 1 on my name and the other on my wife's name..For the amount that will be credited to my wife's account, can i file ITR on her PAN?
Is it possible? If not, can you please suggest an alternate method to save tax liability. Gift deed is an option as far as i know, but stamp duty is very high and i cant afford to execute a gift deed at the moment.
Please let me know what can be done?
Thanks in advance
Asked 4 months ago in Income Tax
Thanks everyone for your valuable suggestions.
Came across something called HUF in a couple of replies. can i create a separate HUF entity on my name?
and if yes, can i sign a lease deed with my individual name and my HUF name on the document & then request the tenant to issue 2 cheques worth 2L INR each. Is that how it works?
Awaiting your response
Thanks in Advance
Asked 4 months ago