Rental income show procedure


This query is : Resolved 

Quick Summary
This discussion addresses a common tax query regarding rental income mistakenly paid into a spouse's bank account. It clarifies that the rental income should be declared on the tax return of the individual who legally owns the property or, if jointly owned, split 50/50. The advice also covers how to correctly record such transactions in accounting books, suggesting it be treated as a loan or debtor if received by the spouse who is not the owner.

19 July 2021 Sir,
A individual person rental income through on bank mode received.but assess mistake rental income through on wife bank account received (credited)
Question:
1.rental income show in wife or husband it returns.
2.accounting books treated above transactions.

20 July 2021 1. Shown in Husband it return as he has received. 2. Show rent received by wife as loan/ debtors in accounting books

27 November 2021 Declare the rental income in owner's IT file. If both are joint owners, declare 50% in each file.


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