Saturday, January 9, 2010

Can spouse claim entire rental income on a joint property?

My wife and I jointly own a flat, my name being first. We also have a joint home loan. However, I am paying the entire loan and also claiming income tax rebate on the principal and interest portions. We are now planning to give the flat on rent. I wanted to know if its possible for the agreement to be made only in her name and the tenant makes the rental payment only in her name. My wife doesnt have any other income and this way the tax slab would be lower when compared to my income. Is this legally correct and valid?





Can spouse claim entire rental income on a joint property?
no you have to make it in the ratio of ownership








Mr. Tulsi Gupta


91-9868119697


For Samarpan Consultancy ServicesCan spouse claim entire rental income on a joint property?
You can certainly have the lease in your wife's name and make it her income. The problem will come if you file jointly--then it's your income, too. If you file separately, she'll need to show the expenses of the property, too. So, if expenses exceed income and that's her only income, they'll question how she got the money.
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