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 15 days 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 14 days ago