Wife's name as co-applicant for purchase of house property

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This query is : Resolved

Ramesh (Querist)

20 July 2016 Hi Experts!

Please advise on below query:

I purchased house (I have already one house in my name) and put name of my wife as co-applicant. All cheque payment was made from my bank account whereas loan was taken in both name (again the EMI was deducted from my bank account). My query is whether the income towards notional rent will be shared by both or it will be treated as my income only.

Thanking you in anticipation...

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

20 July 2016 For the purpose of income under house property, party of loan does not matter. If a person has purchased property in individual name, then he has to show it in his own return.
So It will be treated in your own income.

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Ramesh

Ramesh (Querist)

20 July 2016 Thanks Sir for quick response. The property is in name of my self and wife. The only thing is that all payment has been made from my account only. So can we treat half income as mine and half income of my wife?

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CA SUNIL K GARG

CA SUNIL K GARG (Expert)

20 July 2016 even if the name of wife is included in property and the amount has been spend by you, than it will be gift to wife and income accuring from rent or notional rent will be clubbed in your hand u/s 64,

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Ramesh

Ramesh (Querist)

20 July 2016 Thanks Sir for resolving the query....

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