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Who can claim rental income on gifted property?- Property Hotline
Posted
July 21, 2016
Views
1,080
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July 21, 2016
1,080
3
1
0.37%
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3:11Now PlayingBe Un Confused
Expert: Suresh Surana, Founder of RSM Astute Consulting.
Question: I have a property in me and my wife's name. We get rent on that. We would like to gift the property to our son. Once we gift the property to him, in whose name will the rent go to - ours or his?
Answer: Gift of house property to the spouse or minor child may attract provisions of section 27 of the Income Tax Act. As per section 27, an iIndividual is deemed to be the owner even if he gifts his house property to his spouse or to his minor child. In this case, rental income is treated as income of Individual only. However, the gift to major son will not be considered under the section 27.
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