04 May 2016
3 legal heirs have inherited 3 properties and are co owners now.These properties are rented right now.experts pl advise what would be the best tax saving method for the rental income being received. option 1 - share rent equally and file returns accordingly. option 2 - rental from 1 property goes to 1 owner while the others surrender their right. would it be interpreted as one co owner has three properties and tomorrow if there is no rent coming from any one of the property a notional rental income will have to be considered in the returns. pl clear the confusion and enlighten me with any other point to be considered. For each co owner
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