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How can we split the rental income between co-owner


IPRD BIHAR   27 January 2021

IPRD BIHAR

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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

Spurto Consultancy Services (Consultant)     27 January 2021

Spurto Consultancy Services
Consultant 
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If your mother is also the co-owner of the property then you can split the rental income in the ownership ratio. 

Kapadia Pravin

Kapadia Pravin   27 January 2021

Kapadia Pravin

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Rental income to be split with respective ownership ratio
Sourav

Sourav (Student)     27 January 2021

Sourav
Student 
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Agreed with pravin
SUSHANT BIDAYE

SUSHANT BIDAYE   27 January 2021

SUSHANT BIDAYE

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But what if the ownership ratio not specified in title deed.

I have seen many documents , where co owners are mentioned without specifying their ownership ratio
ayusmita

ayusmita (Tax consultant)     27 January 2021

ayusmita
Tax consultant 
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Then by the the percentage of ratio of the investment in buying the property
or by 50% in your name and 50% in your mother name equal split
Archana Bhaskar Madkaikar

Archana Bhaskar Madkaikar (Accountant)     28 January 2021

Archana Bhaskar Madkaikar
Accountant 
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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

SUSHANT BIDAYE   28 January 2021

SUSHANT BIDAYE

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Exactly.

so in the original query , just because mother is co owner , doesn't mean automatically rent can be split


that was the point.

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