How to rent an apartment which is on the name of three sisters
17-May-2023 (In Property Law)
We 3 sisters inherited a flat in andheri mumbai after my fathers death in the ration 50:45:5. Two of us are well of so we want the rent to go to our 3rd unmarried non working sister as she has no other good source of income. Se will pay all expense. How do we go about it and what is the tax liability. Her share who is unmarried is 50 perscent. Please advice asap
All of you can jointly execute the Leave and license agreement and in which you can direct the licensee to pay the rent amount to person nominated any one of you. In that case she will have to disclose this as rent income and if her income is less than 2.5 lakh per annum she will enjoy 0 tax liability.
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