banner_ad

Taxabilty of 2 co-owned house properties

Tax queries 437 views 2 replies

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.

           Both the House Properties are let-out  on rent at say Rs.200000 each Annually.

           1) How will such rental income be Calculated?

           2) In ITR How should the details be presented , should we mention the Gross Total figures

                         or only the Apportioned Value (50%-50%) 

         Kindly advise

Thanks

Replies (2)
in return you need to mention both properties with your proportionate share of income. it means you have to show income from both properties @ 100000 each. deduct municipal taxes paid, if any. claim the standard deduction of 30% and intt. on housing loan, if any. the amount finally arrived is your income from house property.

Since both, husband and wife, are co-owners of the let out property, both shall file ITR returns showing rental income at 50:50 under income from house property.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details