Income from rented house property

Incase of HUF since the flat is coowned by the Karta and member of the HUF. The flat can be shown as the property in the books of HUF.

For formation of HUF you to need to prepare an Affidavit on a stamp paper or franking of Rs 200/-.  

And you can apply for Pan card  after which you can open an bank account for your HUF.

If the tenant is claiming HRA and rent is above 1 lac, PAN number of both of you will have to be given.

The net taxable income from the property must be calculated first and then apportioned between the co-owners. In this process of calculation maximum interest payable of Rs.1.5 lakh can be considered only once.

Originally posted by : Dhruvi N suthar
	SECTION 61 – Revocable Transfer of Assets  All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income –tax as the income of the transferor and shall be included in his total income. Section 62 – Transfer irrevocable for a specified period-  The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer 1, by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case of any other transfer, which is not revocable during the lifetime of the transferee or 2, made before the 1st day April, 1961 , which is not revocable for a period exceeding six years Provided that the transferor derives no direct or indirect benefit from such income in either case. Notwithstanding anything contained in sub section ( 1 ), all income arising to any person by virtue of such transfer shall be chargeable to income-tax as the income of the transferor as and when the power to revoke the transfer arises , and shall then be included in his total income

This section applies when it is transfered to some third person not when it is tranfered to wife.

Hi,

One thing you can do is transfer your share to your wife. As it is a transfer between relatives it wont be taxable & you can divert your income towards your wife