Gift Tax and Income Tax from rental Income on a property

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 ?

Hey @G02,

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.