Income from house property

This query is : Resolved

Mani (Querist)
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26 April 2013 Dear Expert,
I had an query, If there are Co-owners of House property but the TDS is deducted only in one persons name so whether both of them should file their income tax return or the person who is getting TDS deducted in his name should himself file it.
OR If there is a mutual understanding and consent between them can the person on whose name TDS is getting deducted can only file income tax

Please help me in his earliest,

Thanking you

CA Nayan Ratandhayara

CA Nayan Ratandhayara (Expert)
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26 April 2013 If property is in the joint name,then Income is deemed to be of both of them. SO both have to declare the income depending on their sharing ratio.

And they should transfer the amount to each others' account to settle it monetary

Will explain in example :-
There is A & B are joint owner of the property. Rent Amount is 100 and TDS amount is 10 deducted on A"s name.
So A will receive Rs. 90 from Tenant. He should give Rs. 50 to B. And keep Rs. 40 with him and Rs. 10 as tds for him.
So while filing return he will declare Rs 50 (40+10) as his income and claim TDS on the same.

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Mani

Mani (Querist)
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26 April 2013 Thanks a lot sir, Sir one more small query, income from mobile towers at commercial complex will be income from other sources or something else.

Rental income from land given for use of petrol bunks will be house property income right.

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CA Nayan Ratandhayara

CA Nayan Ratandhayara (Expert)
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26 April 2013 Mobile Tower :-Income from other Sources.

Petrol Bunks :- Income from House Property

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Mani

Mani (Querist)
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26 April 2013 Thanks a lot Nayan sir jii, But the return of income from house property of co-owners is already file in one owner name on whose name TDS is getting deducted. So in this case shall we Revise the return and file the return for each co-owner showing their respective 50% share of income.

And sir already 31/03/2013 is over so will we be able to file revise return for ay-2012-13.

Please help me regarding this sir

Thanking you.