in case of joint holders(father son) of a house , if the loan is taken by 1 holder and the cash paid by other e.g say 1cr loan taken by 1 holder and abt 25 lakhs paid by other will the rental be split tht ratio or can they have agreement or split the rental 50 -50 for saving tax?
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Rental income split
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Ownership is must for taxation of rental income. Section 26 of the Income Tax Act gives clear guidelines for taxation of property jointly owned by co-owners that Rent received is required to be apportioned in the ownership ratio.
Rental income can be proprtioned on the basis of their holdings ratio in that property
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