Co-ownership property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2013 thank you sir
but pls. reply this part in detail..
I am purchase Co-ownership property with my wife . and i pay my part of inst. & i pay to wife 500000/- (1-as a lone 2- as a gift)*in bank a/c & this money she is pay inst. in this type querry income tax rule & what point i remember in the filling of income tax return.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 December 2013 if both of u are owner then income will be divided and show in respective itr suich income when earned form renting.

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2013 thank you sir
but pls. reply this part in detail..

I am purchase Co-ownership property with my wife . and i pay my part of inst. & i pay to wife 500000/- (1-as a lone 2- as a gift)*in bank a/c & this money she is pay inst. in this type querry income tax rule & what point i remember in the filling of income tax return

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 December 2013 on record (paper) who is the owner? if both then refer my above reply else only if u then u will be alone owner accordingly.

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2013 both are owner (50%-50%)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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20 December 2013 then accordingly income and deduction also available 50-50 only.

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