Income from house property
This query is : Resolved
23 March 2012
Case :- A house property ownership is hold by mother and her two sons, its a g+2 constructed building,the 2nd floor is self occupied, its first floor is let out since 4 to 5 years and the rental income is showing in the name of mother only for IT purpose. The ground floor has 3 shops one shop is occupied by younger son for self business and the other two are recently given for rent. The elder son having its own business separatly. They all are filing the IT returns regularly.
My question is
1.Whether on mutual agreements amongs the family members can they show the rental income of the two shops in the name of elder son? or
2.Can they show the shop rental income equally bwtween the two sons? or
3.All the rental incomes equally divided amongs Mother and her two son's (i.e. First floor and the Shops)?
Please advise on th aforesaid matter.
My question is
1.Whether on mutual agreements amongs the family members can they show the rental income of the two shops in the name of elder son? or
2.Can they show the shop rental income equally bwtween the two sons? or
3.All the rental incomes equally divided amongs Mother and her two son's (i.e. First floor and the Shops)?
Please advise on th aforesaid matter.
24 March 2012
The vital question in this case is where from this property came into existence. Is it of the father and father has expired or is there any will left by father. In case no will then mother and the sons are the co-owners and accordingly a demarcation can be made and accordingly the income can be divided
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Ca Aashish Upadhyay
(Expert)
24 March 2012
Dear Pradeep
If the ownership of the asset lies in three of the family members and they are not specifically assigned to each members separately they can easily divide their share as per their Mutual Arrangements. If however the property is divided in equal proportion than the income may be divided according to that.
If the ownership of the asset lies in three of the family members and they are not specifically assigned to each members separately they can easily divide their share as per their Mutual Arrangements. If however the property is divided in equal proportion than the income may be divided according to that.
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Ca Aashish Upadhyay
(Expert)
26 March 2012
Dear Pradeep! You are most welcome! Dear!
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