Rental Income taxation if Jointly Owned Property
This query is : Resolved
06 August 2024
Hi Team,
If we have a jointly held property and rental agreement is made with first & second holder.
As per agreement First Holder is getting the rental income in their Individual Bank Account
How the rental income should be considered for taxation purpose?
Is it as per the Rental Agreement both owners should be taxed as per their ownership holding ?or
It should be who receives income in their bank account
or
It doesn't matter who receives the income but either of the Joint property holders can show in their Income tax return ?
Appreciate you help.
Thanks,
If we have a jointly held property and rental agreement is made with first & second holder.
As per agreement First Holder is getting the rental income in their Individual Bank Account
How the rental income should be considered for taxation purpose?
Is it as per the Rental Agreement both owners should be taxed as per their ownership holding ?or
It should be who receives income in their bank account
or
It doesn't matter who receives the income but either of the Joint property holders can show in their Income tax return ?
Appreciate you help.
Thanks,
06 August 2024
It's as per the Rental Agreement both owners should be taxed as per their ownership holding.
07 August 2024
Thanks for your reply sir.
But just want to check as per the Rental Agreement if Holder 2 shows the rental income in their income tax return as it helps to reduce tax burden on Holder 1 is it possible?
Thanks,
But just want to check as per the Rental Agreement if Holder 2 shows the rental income in their income tax return as it helps to reduce tax burden on Holder 1 is it possible?
Thanks,
07 August 2024
Not possible go as per ownership and rental agreement.
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