House property - co-owner

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2013 If a person owns a residential property and subsequently he becomes the co-owner of another residential property then whether any notional income is taxable in the hands of such person? what tax benefits are available to such person(co-owner)if joint home loan is availed by all co-owners.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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22 February 2013 The co-owner is treated as the owner of the property in respect to his share in the property. He can avail benefit U/s 24(b) for interest and U/s 80C for loan repayment.
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However, Proportionate Net Annual Value ( or Notional Income )will be considered in respect to his share and may be liable to tax.

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