My wife and I are joint owner of our residential flat. We would like to rent out to a company for long term lease of 3 years.
I am traveling abrode for business so my wife will be signing the agreement and ll do ragistration too.
my question is:
1) my name will not be in agreement, can I still claim rental income & exp.I am sure it ll be a loss as my income is less than my EMI payments. Do we need to split in 50%.
2) I am in paying almost 10lacs in income tax alone due to high income, how can i take benifit of above senario
3) the company ll deduct TDS but I told them that i want net amount as I dont know if I am eligible to claim TDS. is form 1 necesary to claim TDS dedction?
CAclubindia
