Rental income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 A property is in joint name of husband and wife. how Rent received from property be divided between them there is no share of ownership of property but sale deed is executed in joint name.
Please reply urgently.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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18 July 2013 Joint Name means 50-50 ownership in case of absence of sharing.
divide renal income half and take benefit of co owner accordingly.

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2013 the husband wish to show 100% income in his return. whether it is correct.
or is it correct to show any proportion say 10:90, 20:80 etc where no sharing is written in legal documents.

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CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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19 July 2013 you can show it 100% for husband .
enter one contract on indian non judicial stamp paper that whatever be revenue will be of husband but ownership will be 50-50.