I purchased house (I have already one house in my name) and put name of my wife as co-applicant. All cheque payment was made from my bank account whereas loan was taken in both name (again the EMI was deducted from my bank account). My query is whether the income towards notional rent will be shared by both or it will be treated as my income only.
20 July 2016
For the purpose of income under house property, party of loan does not matter. If a person has purchased property in individual name, then he has to show it in his own return. So It will be treated in your own income.
20 July 2016
Thanks Sir for quick response. The property is in name of my self and wife. The only thing is that all payment has been made from my account only. So can we treat half income as mine and half income of my wife?
20 July 2016
even if the name of wife is included in property and the amount has been spend by you, than it will be gift to wife and income accuring from rent or notional rent will be clubbed in your hand u/s 64,
CAclubindia
