ritesh (MBA) (181 Points)
11 December 2021Hello 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 .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 11 December 2021
Not possible. You have to declare both the owners while filing ITR with their ratio of ownership. The utility will calculate rent sharing accordingly.
ritesh
(MBA)
(181 Points)
Replied 11 December 2021
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 .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 11 December 2021
QUESTION IS NOT OF RECEIPT, WHOSOEVER MAY RECEIVE IT...
IT IS OWNERSHIP... & OWNERS' HAVE TO DECLARE INCOME AS PER THEIR SHARES...
sabyasachi mukherjee
(26043 Points)
Replied 11 December 2021
anil jain
(Partner)
(1067 Points)
Replied 11 December 2021
whoever receives the rent, but both owner have to declare their share of income, its must.
jagdish chhugani
(engineer)
(736 Points)
Replied 16 December 2021
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.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
