Regarding house loss/income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2012 Hi,

I own a house in chandigarh and its registered under my and my mom's name. It is rented out to someone(getting 90K approx annual rent \) as I stay in pune in a rented house and mom stays at some other place in the rented house. I would like to get more clarity on house loss/income.

Thanks in advance.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 Since the house is a jointly owned property the income from such house property shall be taxable in the hands of both the co-owners in the proportion of their share in the property.

Accordingly, the income of Rs. 90,000 shall be taxable in equal proportion between you and your and mother.

Computation:

Rental (90,000*50%) 45,000
Less: Municipal Taxes (Actual *50%) XXXX
Net Annual Value
Less: Deduction u/s 24
(i) 30% of Net Annual Value
(ii) Interest on loan.

Income from House property.