Gift, loan, or Benami? Tax rules to know before adding a family member to a property title
New Delhi, Sept. 1 -- In India, adding a family member's name to a property title is a common practice.
Whether it is a husband adding his wife, a parent including their child, or even a close friend stepping in as a joint owner, the financial dynamics are often one-sided. Often, the primary owner pays the entire purchase amount, while the secondary owner contributes nothing financially.
Historically, these arrangements remained quietly between the families and the property registrars, rarely drawing the attention of the tax department.
However, it is changing now.
Ashish Karundia, a practising chartered accountant and author, noted that the tax department today receives information on property transactions from registrars and TDS fil...
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