My father gifted me a house property last year. I rented out this property since then. Who will be …
My father gifted me a house property last year. I rented out this property since then. Who will be liable for the tax on the rent?
Jeeba Jul. 05, 2018
Since you received the house without any consideration ie gift, your father is considered as deemed owner.
So rent received by you shall be taxable in the hand of your father.
Further, if any person transfers assets without any consideration or inadequate consideration, income generated by such assets shall be considered as the income of transferor.
