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?
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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
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