We recently 4 people together purchased a property jointly. Its a let out property, and on managing the rent all people use one persons PAN for their HRA claims at office. We also have a joint loan. Details of income and split of each person as mentioned in sale deed.
P1: 5%, P2: 40%, P3: 33%, P4: 22%. Rental income: 290000/month without expenses, Loan amount: 7500000
So the question is 3 parts:
1. Since every tenant claims HRA from one owner pan card. how to split the HRA claimed TDS among other owners
2. Once the rent comes the loan EMI:65801 is paid, how do we each person show that they contributed to the loan from the bank transaction.
Please help us in understanding this situation.
CAclubindia
