Tax planning of house property

Since the House property is in the joint name of H & W the computation has to be made in same manner i.e 50-50 only. It does not matter that wife's income now is not taxable. ( Who knows it may become taxable after including the 50% share of rent)

So calculate the HP income for the property and divide the net result Income or loss by two and include in each person's return

For Tax Planning Purpose,

WIFE ( NO TAX WILL COME, by doing  following calculations )

Let us not estimate how much will be Tuition Income.

Here in your case,  Income from House Property will attract Sec 26(Co-owners)

Annual Rent                                     1,50,000

Less:- 30% Deduction                    (45,000)

Income from House Property        1,05,000

Therefore, Inocme from House Property will be divided Equally in Wife's Income and Husband's Income.

So Anewhere below or equal to Rs 1,37,500 - Tuition Income can be shown. 

HUSBAND

If your Salary exceeds the Basic Exemption Limit,then the Employer will submmit you FORM 16, under which TDS will be deducted on monthly Basis.

Rest, you can avail benefit under Chapter VI.