I alongwith my wife is the co-owner of a Flat at Mumbai, My questions are:-
1. How to divide the rental income of house between me and my wife for income tax purpose.
2. Please guide me on co-owner and co-borrower.
Regards Dipak
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How to divide income from house rent between spouses
Replies (7)
1. rental income will be divided between co-owners on the basis of their share in the property..... 2. please provide specific ques. for your query because there are various topics related to co-owner and co-borrower.
If husband and wife are 50:50 co-owners of the flat, then rent agreement will include both their names, and rental income received shared between the two will be shown in their respective ITR.
I alongwith my wife is the co-owner of a Flat at Mumbai in the ratio of 50:50. Being the main earning member i had taken the home loan in my name and the home loan is being only repaid by myself. I have signed an agreement with my wife for repaying the entire loan by me only.
My questions are:-
1. Can the rental income of the flat be divided between me and my wife.
2. In what proportion the rental income of house be divided between me and my wife for income tax purpose.
3. Any other details or web link for explaining this kind of situation.
Hi,
Get the reciepts separetely in bank accounts of your wife and you or in cash.
The municipal tax need to be devided equally for computing income.
For any further query PM or mail me.
AJH & CO.
anubhavjain @ ajhco.in
Hi again,
1. Yes it can be equally divided between both of you. Try to recieve payments in separate accounts.
2.50-50.ratio
3.This is a simple situation, consult any Chartered Accountant, they will help you out.
For any further query PM or mail me.
AJH & CO.
anubhavjain @ ajhco.in
Hi Sir, this is regarding "How to divide income from house rent between spouses"
I submitted documents to my office for TDS which includes the rental income divided between me and my spouse but my office denied to divide the rental income between us as the tax rebate was only claimed by me. Is that correct ?
@ dipak.. denial of division of rental income between spouse is incorrect by your company. rental income will be divided in the ratio of ownership whereas rebate relating to housing loan is allowed in the proportion of amount actually paid by each co-borrower.
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