27 April 2013
Dear expert, Please help me in an query, An income from house property in case of Co-owners, is filed in the name of person on whose name TDS was getting deducted. Is it valid Or Now shall we revise the return and file for both the co-owners showing their 50% of share.
And if the return filed above is belated return and I think it's not possible to revise also.
29 April 2013
in first case, if the house is on joint name, then income need to be shown on name of two people and so the tds needs to be deducted accordingly..
the limit of tds of Rs. 180000 applies to each indiv joint owner.
in present case if there is tds done, then i would suggest to show income as per joint owners share because that is what actual income will be. but if the return is belated, it wont be revised.
thus in this case, you can show the income in name of person in whoose name tds is done as tds is of prime importance in order to take the tax credit against such income,.
CAclubindia
