Hello sir ,
I have flat in Pune City with joint account with my wife (50 percentage my name and 50 my wive name ).
This property is rented . Can we declare whole rented income against my wife name while filling ITR ?
If we declare whole rent income for my wife then we will not require to pay tax for this income as my wife .
Not possible. You have to declare both the owners while filing ITR with their ratio of ownership. The utility will calculate rent sharing accordingly.
Thank you sir for your reply . currently Tenat is transferring rent to my account . But in future I can ask him to transfer account on my Wife's account .
QUESTION IS NOT OF RECEIPT, WHOSOEVER MAY RECEIVE IT...
IT IS OWNERSHIP... & OWNERS' HAVE TO DECLARE INCOME AS PER THEIR SHARES...
whoever receives the rent, but both owner have to declare their share of income, its must.
Thank you All sir your reply.
Normally the first name of the property is the owner second name is a joint holder. In the income tax return form Generally, you show the percentage of ownership
You can receive the money first owner's name.
Also, you can take two cheques. but both have to show income in IT return.
since you showed the property in 1st name it is recorded in the department.
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