Income from house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2010
One of my clients and his wife a second flat in July 2009. Both of them are co-owners of the flat; the husband (my client) being the only borrower of home loan.
Regarding the rental income from this house: Will both my client and his wife need to show it in their individual tax returns?
If yes, does it have to be in 50-50% proportion, since they are co-owners? Or
Will the % be decided based on the proportion of investments made by each of them?
Regarding the rental income from this house: Will both my client and his wife need to show it in their individual tax returns?
If yes, does it have to be in 50-50% proportion, since they are co-owners? Or
Will the % be decided based on the proportion of investments made by each of them?
12 July 2010
50- 50% UNLESS OTHERWISE ANY WRITTEN CONTRACT
12 July 2010
Joint ownership would be equal unless there is a written document to state otherwise
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