Income from house property

This query is : Resolved

pradeep (Querist)
Follow

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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

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

Message likes : 1 times

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
Follow

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.

Message likes : 1 times

pradeep

pradeep (Querist)
Follow

25 March 2012 Thanks for your valuable opinion...

Ca Aashish Upadhyay

Ca Aashish Upadhyay (Expert)
Follow

26 March 2012 Dear Pradeep! You are most welcome! Dear!

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