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Joint Ownership of Rental Property, Income Tax

Issue Id: - 2662
Dated: 19-1-2011
By:- Surge tinaik
Joint Ownership of Rental Property

  • Contents

I have a property jointly owned with my mother. It is jointly registered under both our names and the home loan is jointly taken by us. We are also joint shareholders in the co-operative society in which the property is located. However the entire investment in the property and the EMI payments are made by me.

Can I split any rental income (profit/loss) from this property between me and my mother??

Posts / Replies

Showing Replies 1 to 2 of 2 Records

1 Dated: 19-1-2011
By:- CA Rachit Agarwal

Refer Section 26 of the Income Tax Act, 1961.

It clearly says if the property is owned by more than 1 person and share is definite, then the proportionate income can be allocated  between the co-owners. Section 26 is silent about the investment pattern of the property.

Hence in our opinion the rental income could be assessable in your hands and your mother proportionately.

2 Dated: 13-2-2011
By:- Seetharaman K C

If you can prove that you and your mother have joint ownership in the property the income can be split equally between two of you


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