I have property yet to be registered. Is it ok if add my father(a pensioner) as co owner at time of registration ? And do I need to get a gift deed done ? Will the rent incurred in my father’s name over joint account reflect in my tax returns ?
If you are adding your father as co owner at time of registration, gift deed is not required as he would be the owner also.
In your tax return, along with the property details you will have to enter your father’s name as co -owner and then the rent earned would be correctly reflected.
Hope it helps.
I recieve 6L as rental income in my account but the my mother and i are deemed owners of this rental income . I want to pay tax only on my share of tax , i want to know if there will be an issue if i don’t pay tax on entire rental income that i recieve.
Yes, you can pay taxes only on your part of share but make sure your mother is also paying taxes on her share.
No amount of rental income should remain untaxed.
Hope this helps.
even if my mother received income is less than 2.5lakhs and that is her only source of income. Is tax still applicable?
No, in this case, taxability is not applicable, If the income is less than a basic exemption limit, which is 2.5 lakh.