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
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How can we split the rental income between co-owner
Replies (8)
If your mother is also the co-owner of the property then you can split the rental income in the ownership ratio.
Rental income to be split with respective ownership ratio
Agreed with pravin
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
I have seen many documents , where co owners are mentioned without specifying their ownership ratio
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
or by 50% in your name and 50% in your mother name equal split
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.
Exactly.
so in the original query , just because mother is co owner , doesn't mean automatically rent can be split
that was the point.
so in the original query , just because mother is co owner , doesn't mean automatically rent can be split
that was the point.
If property is transferred solely in Mothers name with NOC from Son when his Father passed away can the rent be split between the Mother and Son for tax saving if they make an agreement and mother has transferred half the rent to her sons account?
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