Allocation of rental income from joint property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2014 Sir, I have two properties jointly with my wife. at the moment wife does not have any income. how much portion of rental property can be shown as income to my wife's account and that income will be used as housing loan payment.
2. Can i show as 50:50 so that my wife can also avail tax rebate on housing loan payment.
3. is it possible to show rental income as primary income of wife and file income tax for that income.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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07 February 2014 If the wife is also co-borrower she can claim benefit of house loan repayment. Rental income may be shared in the ratio of 50:50.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 February 2014 Thanks for quick reply.

1. Wife is not working and has no salary income, in that case can we show rental income split as 50:50?

2. Can my wife file income tax return showing rental income at the same time claim income tax rebate on the interest paid from rental income,

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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13 February 2014 As I have already replied that rental income can be split in 50:50 since wife is also co owner. She can also claim interest payment deduction u/s 24 from out of such rental income in the ratio of 50:50.

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