I had a lease hold commercial property rented . i want to divide the property in 3 names in my family for the purpose of saving income tax. ...

Question

I had a lease hold commercial property rented . i want to divide the property in 3 names in my family for the purpose of saving income tax. kindly suggest that a share of lease hold property can be gifted , petition before the court or any relinquishment for the purpose of income tax.

Answer

It can be gifted or deeded. No court necessary. But you should consider a trust to cover issues such as control of the property and to whom it passes after death of any of the 3.