Determination of Share of Co Onwer in case of House Property

This query is : Resolved

KAUSTUBH (Querist)
Follow

20 November 2019 Dear Sir,
It is given in various articles that, share of co-owner is determined from the amount he/ she has paid towards cost of house property
but can you please guide me in which income tax rules or section it is specifically written/ guidance given for determination of share of each owner based on amount paid.
Section 26 gives that peroperty is taxable as per the share of co-owner if share is definate and ascertainable and
Section 27 talsk about clubbing of income.
section 54 also gives clarity about taxation at the time of transfer

So i am confused where exactly it is written about determination of share of co-owner on the basis of money paid at the time of purchase of property?
Regards
Kaustubh

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

29 May 2020 Assuming both have contributed an equal amount for the acquisition, both are 50:50 co-owners under the income tax law. In this case, any income arising from the house property will be apportioned equally between the spouses and taxed separately in the hands of the husband as well as in the hands of the wife.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now