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.
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