Income from house property
This query is : Resolved
Jyoti ghogle
(Querist)
31 December 2012
One house property is owned by 4 family co owner. Two of them has contributed towards purchase of the same. Out of two one of them has taken housing loan.
Now this house property is given on Rent. Rent amount is received by one of the co-owner in whose name housing loan is taken.
Now my query is whether this rent amount can be distribute by that one co-owner to other three owner to distribute the income and save the tax. However there is no sharing portion mentioned in the rent agreement, but they can make the same separately between co-owner. Or whether full amount will taxable in the hands of in whose account amount is received.
Please reply. Thanks
Now this house property is given on Rent. Rent amount is received by one of the co-owner in whose name housing loan is taken.
Now my query is whether this rent amount can be distribute by that one co-owner to other three owner to distribute the income and save the tax. However there is no sharing portion mentioned in the rent agreement, but they can make the same separately between co-owner. Or whether full amount will taxable in the hands of in whose account amount is received.
Please reply. Thanks
31 December 2012
Hi,
Yes income can be shared by making collateral agreement.
Thanks!!
Yes income can be shared by making collateral agreement.
Thanks!!
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
