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
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
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- TAN for Partnership
- Soyabean hsn code and gst rate
- Last year TDS Claim
- Free lancer income
- What is provisional receipt number for generation of form 16A
- LTCG for Assmt year 26-27
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
