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TMI BlogJoint Ownership of Rental PropertyX X X X Extracts X X X X X X X X Extracts X X X X ..... Joint Ownership of Rental Property X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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?? Reply By CA Rachit Agarw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al: 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 proportionate income can be allocated betw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een 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. Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 between two of you X X X X Extracts X X X X X X X X Extracts X X X X ..... ng ..... X X X X Extracts X X X X X X X X Extracts X X X X
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