A rental commercial property is yielding 5 lacs/ month as rental income. What is the scope of splitting the rental income between the husband and wife for better tax planning?
The property is in the name of husband.
A friend has a commercial property in his father’s name yielding rental income of somewhere 4-5 lacs/ month. For tax planning purposes, he wants to collect rent through 2 agreements- one in his father’s name and second his mom’s name from the same tenant.
How should he do the agreement with the tenant regarding the same?
Should he register one agreement in the name of father and second in the name of mother (to collect maintenance) ??
Or is there a better way to plan this out ?