Hi,
I am buying a small flat (worth of 10 lacs) from one of my family member. I come under 30% tax braket. My wife is HOUSEWIFE. I am thinking to buy this property on her name so that rental income(currently Rs. 5500 per month) will go on her name. This will help to save tax on rental income if it would have earn by me. It will help in the future when the rent will increase.
My wife will work after 2-3 years but still it is benifital as her tax bracket will be still less or equal to 20%.
I would like to know any other implications I need to consider.
Please provide your valuable inputs