Buying for your children: The tax implications
If you buy a property for your college-going child and keep it in your own name you may be liable for the following taxes. The property is in the parent’s name:
The property is in the parent’s name
If you buy a property for your college-going child and keep it in your own name you may be liable for the following taxes:
Income tax on the profit on any rental income from leasing out the other bedrooms in the property. Generally you have to pay income tax on rent received, less the cost of borrowings and any repairs.
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