Rental income of joint property

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18 Points Posted on 11 August 2023

Husband and wife have a joint property in Chennai. Property has 5 flats. They are receiving rental income from all 5 flats. Can husband show rental income for 3 flats and can wife show rental income from 2 flasts for income tax purpose? Cos, 3 tenants transferring rent to husband account and 2 tenants transferring rent to wife account.

Or they have to add rental income of all 5flats and share at 50:50?

Husband and wife have a joint property in Chennai. Property has 5 flats. They are receiving rental income from all 5 flats. Can husband show rental income for 3 flats and can wife show rental income from 2 flasts for income tax purpose? Cos, 3 tenants transferring rent to husband account and 2 tenants transferring rent to wife account.

Or they have to add rental income of all 5flats and share at 50:50?

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On 11 August 2023 at 17:22 Report
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Quick Summary
This discussion explores how a married couple can declare rental income from a jointly owned property with five flats. While tenants are paying rent into separate accounts (three to the husband, two to the wife), the consensus is that for income tax purposes, they should declare the rental income as a 50:50 split, reflecting their equal ownership. Attempting to declare income based on individual bank accounts could lead to queries from the Income Tax Officer.

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SEO Sai Gr. Hosp.
212535 Points Posted on 11 August 2023

Just declare 50:50 shares and rental income from each flats individually.

No need to share actual rent received,  equally.

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On 11 August 2023 at 17:43
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18 Points Posted on 11 August 2023

If we show rental income of 3 flats for husband and 2 flats for wife, Is it right as per income tax act? 

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On 11 August 2023 at 18:08
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SEO Sai Gr. Hosp.
212535 Points Posted on 11 August 2023

When both are equal owners in the property, how can you divide rent unequally?

If noticed by ITO. there will be query for unequal division of rent...

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On 11 August 2023 at 18:19
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18 Points Posted on 11 August 2023

THANK YOU VERY MUCH SIR. I AM SATISFIED WITH YOUR ANSWER. THANK YOU SIR.

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On 11 August 2023 at 18:21
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SEO Sai Gr. Hosp.
212535 Points Posted on 11 August 2023

You are welcome.    

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On 11 August 2023 at 20:11

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