Idea of saving Income Tax: Buying a property in the name of spouse and saving tax?
Are you the one who has an idea of buying a property in the name of spouse and saving taxes? It may not help you since any income earned whether rented or capital gain will be added to the income of the person who paid the money in the first place to buy the property. It doesn’t matter if his/her name is there or not in the name of property. There would be the tax liabilities that one can not escape.
However one can claim tax benefits for EMIs of loan and principal payment of that property under his/her Income Tax return.
Treat tax benefits as health benefits, many people think of earning a lot and do not want to pay any efforts for health, have a noble thought while paying taxes.
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