Tax treatment of Rental income and home loan repayment of joint home loan

The residential property is jointly owned by working partners which was let out. The whole rental income is credited to the bank account of the wife. In this case, how to treat the rental income? Is it taxable wholly in the hands of wife? Or equally in the hands of both husband and wife?

 

Similarly, the home loan is being repaid only by husband. In such case, are the benefits under sec 80c and 24b available only to the husband since he is the only one repaying the home loan? Or such benefits are available for the wife as well, being the co-owner and co-borrower, even though she is not contributing to repayment of loan?

Replies (1)
  1. Rental income is taxable equally in both hands.
  2.  Both owners as coborrowers can get benefit of home loan deduction even if either or both may be paying the EMI.

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