Income from House property

Hi, in my opinion since the owner of apartment is your wife it will be her income which will be taxable under the head income from house property by virtue of section 22 of income tax act . And her income will be computed as follows :

Standard rent -                you need to get it know from appropriate authority 

Actual rent -                         Rs 451000 (assuming entire rent is being received  in her name )

which ever is higher of the above .

assuming it to be  Rs 451000

above value will be taken as gross annual value 

Gross annual Value           =  Rs 451000

less : Municiple taxes  =    Rs 11474(Assuming entirely has been borne by her )

less : interest payment of loan  = Rs Her portion of interest wil be subtracted 

Equal to :              Net annual value 

This above net annual value will be taxable normal slab rate of income tax