in case of joint holders(father son) of a house , if the loan is taken by 1 holder and the cash paid by other e.g say 1cr loan taken by 1 holder and abt 25 lakhs paid by other will the rental be split tht ratio or can they have agreement or split the rental 50 -50 for saving tax?
Menu
Rental income split
Replies (2)
Ownership is must for taxation of rental income. Section 26 of the Income Tax Act gives clear guidelines for taxation of property jointly owned by co-owners that Rent received is required to be apportioned in the ownership ratio.
Rental income can be proprtioned on the basis of their holdings ratio in that property
Recent Topic
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
Related Topics
CAclubindia
