My wife inherited agriculture Land in UP through will from brother of my grandfather. We purchased a HUDA plot in Panchkula in 1998 from sale proceeds of this land as well as from my resources in the name of my wife. Later on I also paid enhancement for this plot and built a house( GF) after my retirement in 2004. Now I built FF and SF of this house in 2014 and rented the FF portion @ Rs 8000 pm from 01.04.2015. My wife is a house wife and dependent on me.My Question is :
How the Income from rent is Is to be treated for Income Tax purpose?
Will it be my Income or that of my wife's (rent is being credited to her A/C)? or is it to be divided between both of us, If so in what ratio?
CAclubindia
