House rent

My senior citizen mother had given her Rs. 10 lakh in my account. I bought an apartment by this money on the name of me and my wife. In last financial year, there was a rent agreement for apartment between my wife and a person, through which Rs.4500 per month for 11 months were received. Who will pay tax on this and how much?

Replies (4)
Rent received from Let out jointly owned property will be apportioned in the ratio of ownership. Each co-owner will have to pay tax on his/her share of rent received.

Money received from mother is the unsecured interest-free loan from relative. 

If loan received from mother and house purchased from this money than clubbing of income is not applicable. 

Rent Received taxable under head income from house property in hand of each co-owner proportionately. 

1) Me and my wife have paid nothing for apartment but are joint owners on registry papers. How proportion can be established? 2) My wife had rent agreement in last FY and she received whole amount. Despite I have not got single rupee, am I liable to pay tax on rent? My mother is no more in this world now.
Taxable in your hands only,

Gift received from relatives are exempt which is received in your bank account. Now you buy an apartment on the name of you and your wife, Here it is deemed that you have gifted 50% of the money to your wife. So Rent received from this apartment is taxable in each co-owner at proportionately and further due to clubing provision of section 64 entire Rent income is club in your hands.

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