My client have 3 residential house property, one is self occupied & another 2 is let out , all of 3 properties he include his wife name as a co-owner in deed & loan agreement , but EMI of those property paid by him from his single bank account . Is he treated as a deemed single owner or co-owner of those properties in the income tax view? the entire rent of let-out house property credited in his wife bank account, is this rental income include his wife ITR at the time of computation of Income ?
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Joint House Property Tax Treatement
Replies (2)
He is deemed owner of that house property and rental Income should be cluubed in his account for Income Tax purpose.
Rental income credited in wife account will be deemed income in the hands of husband. and thereafter income earned on such rental income will also be clubbed in husband Income.
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