12 June 2017
sir, I am Retired person and am filing IT returns every year. I am co -owner in the flat purchased by my son . i already own two houses and am showing both in the returns and paying tax. My question is 1)as co-owner without any contribution to my son's flat ,simply my name appearing in the registered documents , am i supposed to show the third house in my IT return? 2)in the IT returns , the co-owners are also supposed to show the details or only Owners? please clarify thanks and regards p.r.v.pillai
13 June 2017
Yes co-owners need to show the property in statement of affairs and if there is any income earned from it say rental income it has to be declared in return in proportion of ownership.
CAclubindia
