A residential flat is in the joint names of husband and wife. First name is that of the husband. While letting out the flat on rent, they want to make agreement in the name of wife, since her income is below taxable limit and husband has a taxable income (wife has a small business but income is not enough to be taxable). Is this permissible or they have to choose one of the following?
1. Make agreement in the name of the busband since his name appears first or;
2. Make a joint agreement, thereby apportion rent received equally between husband and wife.
Would request an early response but with justifiable reasons. Thanks in advance.
CAclubindia
