Rent agreement by housewife who is a joint owner
This query is : Resolved
04 October 2021
Daughter (earning member) and Mother (housewife) jointly own a property for which the loan repayment and rental income were managed by daughter. Now the loan is cleared and also the rent agreement is expiring. Now can the other joint owner (housewife) enter into rental agreement and collect the total rent? Tenant who is paying rent is in abroad and his parents are staying in the rental flat. He did not ask for any rent receipt and understand he is not showing to his company. If so what is the legal implication on the daughter who showed in her ITR about rental income and loan repayment till date.
05 October 2021
Even if the rent be collected by second owner in full, but the tax assessment of the rental income should be declared in both ITR equally.
For earlier years problem may not arise, as tax liability may not increase (assuming Mother to be housewife, or at lower tax slab rate.)
For earlier years problem may not arise, as tax liability may not increase (assuming Mother to be housewife, or at lower tax slab rate.)
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