Dealing income tax on rental income from coowned property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2015 Hi,

My Husband and myself own a property equally. We are giving it on Rent. I believe we can divide the Rent Income equally in our Income Tax Submissions. Questions I have are :

1. Should we do a Rent Agreement with Both of our Names as Lessor?

2. Can Tenant pay the rent to one of us or he has to give 2 different cheques ( One to each of us ).

3. How do we pay the Rent Receipt to Tenant? ( Can one of us give that to Tenant )?

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 November 2015 My view is-

1 & 2. rent agreement - execute jointly and specify therein the co-ownership and mode of payment by separate cheque to each co-owner.

2. one rent receipt in which both co-owners should sign.

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