Rent Income from House Property

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This discussion clarifies the income tax treatment for rental income generated from a jointly owned property. It explains how rent received, property tax paid, and repair expenses are handled for tax purposes. The advice given suggests sharing the rental income equally and utilising a standard deduction for repairs and maintenance, with property tax being fully deductible.

Ajay l

Ajay l (Querist)

16 July 2024 I stay in ancestral property. I have one property jointly owned by me and my wife which is rented out. what will be Income tax treatment for rent received, property tax paid, and repairs expenses? Can any one of us claim such property as self occupied?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

16 July 2024 As it is rented out, it cannot be said as self occupied, you both can share the rent equally, and get 30% standard deduction from rent as cost of repairs and maintenance.

Ajay l

Ajay l (Querist)

20 July 2024 Property was taken in March 2023,
Given on rent in May 2024.
What will be treatment of maintenance paid and expenses incurred from March 2023 to May 2024

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

20 July 2024 For Property tax, you can deduct full amount,
Other expenses are adjusted against 30% standard deduction.

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