Tax on rent from jointly owned property

This query is : Resolved

Dipika (Querist)
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10 August 2015 Hello,
My husband and I have purchased a flat in joint ownership and put it up on rent. We took a joint home loan for purchasing this house.
I used to work earlier but have now quit and do not have any salary income currently.
The total value of the house is Rs 45 lacs, of which the home loan is for 35 lacs. The balance 10 lacs was jointly paid by my husband and me. From my past income, I paid Rs 8.3 lacs (of the 10 lacs) + 1.1 lacs for stamp duty.
The EMIs are paid entirely by my husband from his salary account.
The rent received is Rs 10K per month.
I want to know if the rent received can be split between the two of us for tax calculation, and in what proportion?

Your help will be truly appreciated.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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10 August 2015 Sine the house is jointly owned, the rent received will be split between the two in the ratio of ownership and if no ratio of ownership has been mentioned in property documents it will be split in 50:50.

Dipika

Dipika (Querist)
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11 August 2015 Thank you for the reply.
There is no ratio of ownership mentioned in the property documents.
I would like to re-confirm that I can claim 50% of the rent as my income even though the EMIs are being paid entirely by my husband? I have paid about 20% of the house cost as part of the down payment.
Please re-confirm.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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12 August 2015 Yes rental income will be 50% each along with tax benefits.

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