Rental Income to joint owners
This query is : Resolved
28 September 2021
Daughter and mother jointly purchased a flat. Mother being a housewife, daughter has undertaken to clear off the loan and shown the rental income till date. Now that the flat is free from loan and daughter wants to gift the rental income to her mother. Can she ask the tenant to pay the rent to her mother's name? if so, what is the status of daughter's IT return so far she claimed rental income and loan benefits?
28 September 2021
The rent should be divided as per the percentage of ownership of the flat; which can be decided upon the purchase agreement or the amount of investment of each joint owner.
28 September 2021
Though mother is joint owner, she is not an income earner and the entire flat price is born by daughter's income and loan. Also there is no mention of rental income sharing on the sale deed.
28 September 2021
If there is no clarification of ownership percentage in sale deed, you can consider it as 50:50 ratio, and accordingly share the rent income equally.
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