Kannan (Research) (107 Points)
18 October 2012Me and my wife are the joint owners of our house. She is a house wife and I'm salarid. We are getting some rent from two houses in the first floor and we occupied the ground floor house. Now how I have to show the rent in the Income tax. Is it possible to show in my wife name only, so that it will not get tax for me. the interest and principal exceds the IT limits. So, there is no tax benefit for me.
Manjunatha M K
(Manager - Accounts)
(318 Points)
Replied 18 October 2012
Being a Joint owners it is not good to show entire rental income in your Wife Name. Because she has share in land also.
Rental income should be declared by both Joint owners in proportionate to their share.
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 18 October 2012
The income will be taxable on the basis of shares of both husband & wife. Even if whole of the income is transferred to single individual, it will be clubbed in the income of the other spouse. Hence, no use showing income to single individual.
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