Hi
While calculating my personal income tax, I have an issue with "Income from House Property". The details are as follows:
- I own a flat jointly with my parents which has been given on lease
- Till October,2011 the tenant was giving the rent in equal parts to all three of us
- After that the tenant changed, and the rent was credited only to my mother's bank account
- We have a joint home loan for this house
- Only I pay the EMI for the loan
Now, what is the correct way of calculating the income and who all can take tax benefits?
i.e. what should i enter in the following fields:
1) Annual letable value/ rent received or receivable
2) Tax paid to local authorities
3) Interest payable on borrowed capital
Should it be in the ratio of the ownership, irrespective of who receives the rent? Tried searching the forum, but got all the more confused.
Thanks
CAclubindia
