Rent agreement by housewife who is a joint owner
This query is : Resolved
subash vishwanathan
(Querist)
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.
Dhirajlal Rambhia
(Expert)
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.)
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation error
- LLP audit and disclosure
- GST ITC as per notification 12/2023- central tax
- Form 144 TDS Return Validation Error – Mandatory Fields
- Capital Gains Tax on Inherited Mutual Fund
- Rent agreement of House of deceased person
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
