Joint building - tax planning for rental income

In this scenario, you can call the owners of the plot as co-owners and they can have definite sharing in the rental income. They can jointly enter into a rental agreement with the prospective owners, incorporating share of their rental income. The prospective tenants can make the rent payment separately to each co-owners. It is always better to mention each co-owners share and collect the rent separately. Let them deduct separately and isse TDS cerfificate separately.

These type of ownership is common in most of the commercial complexes. There is no need register as a corporate or as a partnership firm.  

Thanks Sudhakar for the reply. When you said, let them deduct TDS, what does this mean??  The tenant issue a TDS certificate,  after deduction property taxes ??

I will have income from the rental and I will have some expenses related to managing the property. Is it good to register a corporation on my name and show expenses and deduct from my income tax??

I am an NRI, and have no other income in India.

Yes, the tenant may deduct tax on individual share of rental income and the individual owner should declare their respective share of rental income under "Income from House property" and claim TDS if any towards their tax liability.   Even, if all of  you register under corporate status, the income of the property should be declared under house property income only.   30% of the rental value is availabe as standard deduction towards all your maintenance expenses. Therefore, there is no necessity to register as company.  However, any amount collected towards routine  maintenance of the complex such as House Keeping, Lift mainteance, Generator maintenance and Security etc will be treated under the head "Income from Business" and for that purpose you may have separate company or a firm, if compex is of very large size, having a large number of tenants.