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?
CAclubindia
