Taxability in hands of assessee

No, as per the rental agreement the same shall be charged in proportions to the contractual agreements.

It shall be taxed in both H and W hands and the concept of application and diversion of income is to be referred.

Basis of charge of House Property Income-

Annual Value of a  building or land attached thereto is taxable as HP income in the hands of a person who is the owner or a deemed owner of the House property

In your case both Husband abd wife are owner(jointly) so the HP income i.e rent will be proportinately taxed in the income of Husband and Wife.The contents of agreement is immaterial in this case.

@ Abhilasha : Please read section 26 of Income tax act, saying about Property owned by co-owners.

You will definately get your answer..

Agree with all

But you need to check clubbing provision too and Section 27.