Rental income for co owner can be taxed in any co owner
This query is : Resolved
Abhishek Pareek
(Querist)
30 August 2019
Respected sir/ madam,
My relative and his wife is coowner of let out property (having equal ownership) receiving rental income more than Rs. 1 lac in AY 19-20.
Pan given to the tenant is one of the co owner only (who is taxed in higher slab)
My query is whether rental income has to be shown equally in both coowner's hand or has to be shown of one person whose PAN is given to the tenant?
Kindly reply soon.
My relative and his wife is coowner of let out property (having equal ownership) receiving rental income more than Rs. 1 lac in AY 19-20.
Pan given to the tenant is one of the co owner only (who is taxed in higher slab)
My query is whether rental income has to be shown equally in both coowner's hand or has to be shown of one person whose PAN is given to the tenant?
Kindly reply soon.
CA R SEETHARAMAN
(Expert)
30 August 2019
Rental income has to be shown equally in both coowner's hand if both contributed funds for purchase/construction.
Abhishek Pareek
(Querist)
30 August 2019
Thanks a lot sir, more than 80% of my doubts are cleared in ur guidance only.
Really means a lot.
Really means a lot.
CA R SEETHARAMAN
(Expert)
30 August 2019
Welcome............
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