There is flat inthe name of my wife.I had paid its 2/3 cost. It has now been let out and there is a rental income.
My querry is how the rental income is to be taxed??
shd it be divided in the ratio of amt invested ie 1/3 &2/3?
how to claim 30% or 30000 deduction available under section 24. should it also be in the ratio of investment.??
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rental income
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(Legal) Owner should declare the rental income in her file for assessment.
Income from house property, is declared after claiming 30% standard deduction........ (being net off municipal taxes actually paid)
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