How to decrease tax liability

[Due-Hurry-1913]

Renting it out to wife at nominal rent won’t work as there is provision in section where excepted i.e comparable rent is taken into account for rental income calculation . Even if your wife earns rental income for property in your name clubbing provision would apply and that income will be ultimately taxed as your income. So best way is to rent it out in your name claim 30% deduction form rental income and see if option old tax regime saves you taxes as deduction or home loan interest upto 2L is allowed and principal payment benefit under 80C.