Rental income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2013
I purchased a land of 16000 sq ft in my name, in a small town. I started my construction on 1600 sq ft by availing a House loan. Later on, for construction at other vacant space on the land, my 4 family members (including my in-laws)contributed for civil construction of nearly 8000 sq ft. Now the building is ready to rent out. Kindly look a perspective on income tax to be levied on my family members, as they are eligible to get share of rental according to their investment in the construction.
05 September 2013
Draft an agreement of co-ownership by which the investors shall get the right to share the rent and you are also one of the co-owners as you have contributed land
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