INCOME TAX RETURN
This query is : Resolved
09 October 2008
DEAR SIR,
MY BROTHER IS AN NRI, NOW AMERICAN NATIONAL.
HEAND HIS WIFE HAVE PURCHASED A FLAT IN INDIA IN JOINT NAME. FOR PURCHASE OF FLAT ALL MONEY RECEIVED FROM USA IN NRE ACCOUNT IN INDIA. FLAT HAS BEEN RENTED OUT.
THE RENTAL INCOME OF FLAT WILL BE DEVIDED BETWEEN THE TWO.
WHILE FILING IT RETURN ANY DOCUMENTARY PROOF IS TO BE ATTACHED OR NEEDED LATER TO SHOW SHARE OF EACH ONE WHILE PURCHASE OF HOUSE.
IN USA THERE IS NO PROVISION OF SEPERATE BANK ACCOUNT ALL BANK ACCOUNTS ARE JOINT.
REGARDS,
A.KUMAR
MY BROTHER IS AN NRI, NOW AMERICAN NATIONAL.
HEAND HIS WIFE HAVE PURCHASED A FLAT IN INDIA IN JOINT NAME. FOR PURCHASE OF FLAT ALL MONEY RECEIVED FROM USA IN NRE ACCOUNT IN INDIA. FLAT HAS BEEN RENTED OUT.
THE RENTAL INCOME OF FLAT WILL BE DEVIDED BETWEEN THE TWO.
WHILE FILING IT RETURN ANY DOCUMENTARY PROOF IS TO BE ATTACHED OR NEEDED LATER TO SHOW SHARE OF EACH ONE WHILE PURCHASE OF HOUSE.
IN USA THERE IS NO PROVISION OF SEPERATE BANK ACCOUNT ALL BANK ACCOUNTS ARE JOINT.
REGARDS,
A.KUMAR
09 October 2008
Now IT returns are to be filed annexure less thereby no evidence is to be filed along with the return to show joint ownership.If the assessing officer call for the details at a later stage your brother and sil has to prove the joint ownership and sharing of rental income with documentary evidence.
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