i took the home loan and my mother is the co-owner. I am paying the EMI and receiving the rent in my bank account. Can we split the rental income if yes How
IPRD BIHAR 27 January 2021
i took the home loan and my mother is the co-owner. I am paying the EMI and receiving the rent in my bank account. Can we split the rental income if yes How
Spurto Consultancy Services (Consultant) 27 January 2021
If your mother is also the co-owner of the property then you can split the rental income in the ownership ratio.
SUSHANT BIDAYE 27 January 2021
ayusmita (Tax consultant) 27 January 2021
Archana Bhaskar Madkaikar (Accountant) 28 January 2021
The rule is very clear. If you have not contributed or funded the acquisition price, you are not the co-owner of the property even if your name appears in the deed. You are a co-owner in the ratio of investment or funding to the purchase price of the property or paying of EMI on home loan.
SUSHANT BIDAYE 28 January 2021
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