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Rent

Balaji Sarangarajan (MBA & (CA Final)) (1131 Points)

13 August 2016

Hi experts

I am a NRI, I purchased a house and registered in joint name with my wife.

I am staying away from India and my wife is staying in India, now we are letting our property for rent.

Can I ensure that the rent is getting credited in my NRO account which is being operated in my name or the rent needs to be credited in the joint account of me and my wife.

I am planning to get the rent credited in my NRO account which is not a joint account.

Also my wife is claiming deduction of Interest under house property.

request you to kindly explain what can I do?

Also do I need to file returns.

Thanks

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180529 Points)
Replied 13 August 2016

"Also my wife is claiming deduction of Interest under house property."

If its for the same house as mentioned earlier, rent must be credited to her account or joint acc with other co-owner.

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Balaji Sarangarajan (MBA & (CA Final)) (1131 Points)
Replied 13 August 2016

Dear Mr. Dhirajlal,

I am a NRI and she is resident Indian, can we open a joint account.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (180529 Points)
Replied 13 August 2016

YES.

RBI has allowed residents of India to include non-resident close relative in their resident bank accounts on 'former or survivor' basis. However, such non-resident relative shall not be eligible to operate the account during resident's lifetime, it said in a notification.