Income from house property

This query is : Resolved

Jyoti ghogle (Querist)
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31 December 2012 One house property is owned by 4 family co owner. Two of them has contributed towards purchase of the same. Out of two one of them has taken housing loan.

Now this house property is given on Rent. Rent amount is received by one of the co-owner in whose name housing loan is taken.

Now my query is whether this rent amount can be distribute by that one co-owner to other three owner to distribute the income and save the tax. However there is no sharing portion mentioned in the rent agreement, but they can make the same separately between co-owner. Or whether full amount will taxable in the hands of in whose account amount is received.

Please reply. Thanks