Dear Sirs ,
I wanted to know want will be the Taxability in case there are 2 House Properties being jointly Co-owned (50% share each) by Husband & wife.
1) Can each one claim one house , as Self-Occupied Property in thier return (if it is not let out) ?
2) In case one of the house is given/let-out on rent , how will such rental income be taxed and that too in whose hands will it be taxed ?
Kindly advise
Thanks
If the house property owned by the co-owners is self occupied by each of the co-owner, the annual value of the property for both co-owners shall be nil.
If the property is let out, the income of the property shall be first computed as if this is owned by one owner and thereafter, the net income shall be apportioned amongst each co-owner as per thier share.
| Originally posted by : AVTAR SINGH | ||
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If the house property owned by the co-owners is self occupied by each of the co-owner, the annual value of the property for both co-owners shall be nil. If the property is let out, the income of the property shall be first computed as if this is owned by one owner and thereafter, the net income shall be apportioned amongst each co-owner as per thier share. |
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Agreed...
CAclubindia
