TMI BlogJoint Ownership of Rental PropertyX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich 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 mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther?? - Reply By CA Rachit Agarwal - The Reply = 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 pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oportionate 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 hand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and your mother proportionately. - Reply By Seetharaman K C - The Reply = If you can prove that you and your mother have joint ownership in the property the income can be split equally bet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ween two of you - Joint Ownership of Rental Property - Query Started By: - Surge tinaik Dated:- 19-1-2011 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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