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?
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Income from joint house property.
Replies (3)
Quick Summary
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.
Practically the share of A and B in rent should have been decided in the ratio of investment made by them.
Equal distribution of rent, inspite of more investment by A in comparison to B is not practically possible.
Equal distribution of rent, inspite of more investment by A in comparison to B is not practically possible.
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.
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