so if mom n son bought a house together in joint, mom paid donpayment of abt 10 % and rest is taken as loan by son where mom is co applicant, the emi is being paid by the son., the sale deed doesn't have the ratio so ppl saying by default its 50-50, so now when they rent out the property, the rental income comes into the joint account of mom n son and both claim 50-50 in their tax filings or is it better take income into their separate accounts? also since is the rental split 50-50 or 10-90?
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Replies (1)
Where the shares in the property are not defined, income tax considers the funding pattern of the house.In the present case, since the mom has paid 10% of the value and emi towards 90% of the value is being paid by the son, the rent is to be split in 10-90 ratio.The fact that mom is a co-applicant in the housing loan does not hold value in rental split
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