Income Tax: Rental income taxed in hands of that co-owner who paid for property

News, Taxation

In case of joint ownership of a property, the rental income earned on the same is required to be split between the co-owners in the ratio of their shares, if it is definite and ascertainable. However, if the whole amount of payment for the purchase is made by the husband, then, income from such a house property will be taxed only in the hands of the husband. Also, the deduction of installments can be claimed only by the joint-owner who has made the payment of installment.

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