A husband and wife purchased a property in joint name. The rent of Rs. 15000 p.m. is received by the wife who is a housewife and has not filed any income tax return since she was not falling under the taxable limit.
Query 1: Whether the rental income needs to be shared 50-50 (ownership ratio) by husband and wife irrespective of the fact that only wife is receiving the rent?
Query 2: The above property is purchased through loan. The Loan Installments are paid by husband only, in that case can he claim complete deduction of Interest and Principal Repayment?
CAclubindia
