Gifts Worth more than Rs 50,000 from colleagues liable to tax – Suraj Nangia
When you purchase a house jointly with your wife or any other relative, make sure that the proportion of ownership is defined at the time of registration. It will ensure that the tax liability is in proportion to percentage of ownership. Also, both the owners can take the tax benefits based on their share in the house.
- Suraj Nangia, Partner shares his views for weekly queries column raised by FE readers.