Me and my wife are the joint owners of our house. She is a house wife and I'm salarid. We are getting some rent from two houses in the first floor and we occupied the ground floor house. Now how I have to show the rent in the Income tax. Is it possible to show in my wife name only, so that it will not get tax for me. the interest and principal exceds the IT limits. So, there is no tax benefit for me.
Menu
Houser rent joint owner
Replies (2)
Being a Joint owners it is not good to show entire rental income in your Wife Name. Because she has share in land also.
Rental income should be declared by both Joint owners in proportionate to their share.
The income will be taxable on the basis of shares of both husband & wife. Even if whole of the income is transferred to single individual, it will be clubbed in the income of the other spouse. Hence, no use showing income to single individual.
Recent Threads
- Query of Goodwill
- Remuneration to Partners
- Request For Dhirajlal Rambhia
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
- Form 121 requirement
- Interest on reversal of ITC when ITC balance avail
- Is MirrorFly an Instant Messaging Software?
- ITR filling for legal heir
- How Can I qualify CA Final Exam?
Related Threads
CAclubindia
