Hi All,

I have let out a flat. The flat is co-owned by me and my wife. I also have Home Loan and Top Up Home Loan on this property.
Till March 2023, I have paid all the EMIs from my bank account since my wife was not working. She has recently started working. However, the EMIs are deducted from my account (That's the arrangement between us).
For the let out property, Rent is credited to a joint account but the rental agreement is done in my wife's name.

Here are my question.
1. Can we divide rental income equally or the rental income must be considered into my income since I have paid all EMIs till now.
2. Home Loan and Top Up Home Loan interest deductions would be applicable to both of us?

Thanks,
N

Dear Experts,

One joint property is sold in FY 2022-23. Accordingly in ITR of individual owners only 50% respective share is shown under Full consideration and cost of acquistion.

However in AIS, entire sale amount is showed for both the owners.

Now there is SMS received from Income tax regarding high value transaction reporting whether the same is correct or not. Please advice whether ITR was correctly filled in this case? If yes/no , what further compliance needs to be done

Regards,

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Dear Sirs,

i received an SMS from CMCPCI concerning high value transactions in AIS "which are not inline with the information i filed in tax return"

i checked compliance portal and high value transactions are related to fixed deposit opening and closing "Purchase of time deposits (SFT-005)" , 2 figures given , "GROSS AMOUNT RECEIVED FROM THE PERSON" and "GROSS AMOUNT PAID TO THE PERSON"

i had around 120 lakhs in fds , i closed and reopened them twice in 2022 .

the "GROSS AMOUNT RECEIVED FROM THE PERSON" is showing as 240 lakhs which i guess is the total amount i gave to bank for opening fds

"GROSS AMOUNT PAID TO THE PERSON" however is only about 120 lakhs , after checking account statments - not sure but i can only guess they only reported accounts that i opened then closed in 2022 itself as paid to person . amounts paid to me from accounts opened before 2022 is not being included.

i am required to give a response on compliance portal weather given figures are correct or not.

possible responses are
"information is fully correct"
"information is not fully correct"
"information releates to other PAN/year"
"information is duplicate / included in other information"
"information is denied"


please advice. thanks

I have filed the ITR2 in AY 2023-24. I have purchased the house property on joint name of my self & spouse costing Rs.2.40 cr by availing the housing loan. We both are salaried person having total annual income of Rs.37 lac pa.

Now I have received the notice. As there is no option in ITR to show the purchase of property transaction. I have deposited the TDS @ 1% on the amount paid to builder. Please guide what should be my reply to ITD.