Hi,
I own a House Property in joint ownership with my spouse. Wehave Let Out this property to my company (signed a rental deed), who in turn has given this flat to me to stay as company perk. Accordingly, me & my wife recieve monthly rents from my company in our respective names.
I wish to know the taxation rules of this property as:
1) Will it be treated as "income from house property" or will it be deemed as Self occupied. Accordingly, how will the treatment of deduction of municipal taxes take place.
2) The Municiapl property tax reciept is in my name only, as i am the first holder (me & my wife have equal share). Can i divide it equally between myself & my spouse for deduction from house income or only i should claim the deduction for the same.
Thanks.