I have a joint property. One with my wife & Other with my son.
Joint property i.e., a flat was bought in 2011 with the amount derived as pensonary benefit after retirement and my wife availed a home loan from Employees Co-operative Society and and interest thereon was eligible for claiming deduction. My income falling below the taxable limit I required no ITR to file. Is it necessary to declare the asset / flat in the ITR of my wife? Is the property lying unoccupied by my wife's service in other place. Is it be treated as deemed let out?
Further, flat jointly bought with my son on home loan primarily sanctioned by bank as my son is a earning person, my name was included as co-loanee without any financial involvment.
Out of these two jointly bought flat, my name is included as co-owner. Primary owner is my son as my name is only a name in the document. This flat was bought in March, 2016 and as my son resides in other for occupation and the flat is lying vacant since then. Under such condition, Is my son's flat jointly with me is liable to be deemed as let-out or not?
May we declare that flat with my son treated is occupied by me?
May we declare that flat with my wife is occupied by my wife or daughter?
In actual scenerio either of the flat is going to occupied by family members.
Being tax payer my son and my wife are to declare the flat either as occupied or as let-out.
What should be done as regards either of the flat where I am a co-owner and how to manage tax paying?
CAclubindia
