I purchased a flat jointly (50 % each) with my wife, with I as the first owner, in December 2014. My wife is not working.
- As the house is lying vacant am I liable to pay income tax on Notional rent for 3 months (Jan to March 2015) ?
- In the IT return form, under rental income, in case of joint ownership, it asks for % of ownership. If I mention 50% in my return, then rental taxable income is getting reduced by 50%. However, I presume that I am liable for IT on total rental income (after 30% deduction etc).
How do I handle it please ?