I own a property jointly with my brother. We plan to put it on rent however as I am in the highest tax bracket already is it possible to show all the rental income from the flat in the name of my brother.
Is there some legal formality that U can do so that my brother can claim all the rent in his name. I do not want the rent at all and I want my brother to take it all as such I do not want to bear the tax burden as well, Is it possible on a jointly owned property.
Will it help if I make the rental agreement in his name only and giving some documentation stating that he can have my share of the rent as well. My brother has zero income at present.
Please advise. Thanks.