Mr.A owns two plot of land and Mr.B owned one plot of land.
They both decided to construct house property on this three plot of land for the purpose of letting it out.
They constructed one single unit on such 3 plots by contributing equal amount for construction.
Separate rent agreements done by them with same tenant.
Payment of rent is being received by them in equal proportion in their separate bank account.
Now the question is whether rent received by them would be assessed as it is received by them i.e. in equal proportion or in the ratio of 2:1 as 2 plot are owned by Mr.A and 1 owned by Mr. B even though their share in construction of building is equal?
Menu
Income from joint house property.
Replies (3)
Income of House property to be disclosed as per ownership of property i.e. as per house owned by them. excess amount may be disclosed IFOS.
Both A and B are relatives. Neither A alone can construct building on his 2 plot nor B can construct on his 1 plot because the size and nature of building required by tenant is such that construction of building require all 3 plot of land.
Recent Threads
- ITR submitted u/s 44AD
- Can wife claim TCS refund
- Which ITR form to use for reporting of Outward For
- Filing of tax return online
- CREDIT NOTE REJECTED IN IMS SYSTEM
- HELP NEEDED ON FORM 26QB
- Pan card request for Self help group
- EFILING ITR2 FROM COMMON FILING UTILITY
- What is the role of a Pay Per Click company in dig
- If I paid advance to party for purchase in m
Related Threads
- Refund of TDS for property under joint development in the year of transfer.
- Calling for information u/s 133(6) of the Income Tax Act, 1961,
- Types of Rectification in Income Tax E filing
- TDS on Property in case of NRI
- Filling of Income tax return
- TDS not applicable in income of rent
- Interest income from friends.
CAclubindia
