Rental income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 I purchased a land of 16000 sq ft in my name, in a small town. I started my construction on 1600 sq ft by availing a House loan. Later on, for construction at other vacant space on the land, my 4 family members (including my in-laws)contributed for civil construction of nearly 8000 sq ft. Now the building is ready to rent out. Kindly look a perspective on income tax to be levied on my family members, as they are eligible to get share of rental according to their investment in the construction.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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05 September 2013 Draft an agreement of co-ownership by which the investors shall get the right to share the rent and you are also one of the co-owners as you have contributed land