Income from house property
This query is : Resolved
Mohd Sarfaraz Latibani
(Querist)
28 June 2012
Me & My Mother owns a flat both jointly in our name and receiving rent thru chq in joint bank A/c. I want to know whether my Mother show full amount received as Income in her ITR and I did not show any rental income or we both need to show rental income.
It possible plz let me know the procedure.
It possible plz let me know the procedure.
CA PARAS BAFNA
(Expert)
28 June 2012
Both the co-owners have to show their respective share of rental income in their returns.
Divide the rental income in proportion to the ownership.
.
Each person will get 30% Standard Deduction out of his/her Net Annual Value (Rental Income.
.
Divide the rental income in proportion to the ownership.
.
Each person will get 30% Standard Deduction out of his/her Net Annual Value (Rental Income.
.
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