Deemed Owner

Tax Glossary Definition

Deemed Owner

Deemed Ownership – This term applies when a person is regarded as the owner of an asset for tax assessment purposes, even though legal ownership rests with someone else. The intent is to prevent tax avoidance by stopping individuals from transferring property to family members or others while still deriving financial benefits or income from it.

Example: When an individual gifts a property to their spouse without receiving fair value in return but continues to earn or enjoy the rental income from it, the income is taxed in that individual’s name as they are treated as the deemed owner under the law

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