Name of Wife as co-applicant

[Ramesh Rangani]

Hi Experts!

Please advise on below query:

I purchased house (I have already one house in my name) and put name of my wife as co-applicant. All cheque payment was made from my bank account whereas loan was taken in both name (again the EMI was deducted from my bank account). My query is whether the income towards notional rent will be shared by both or it will be treated as my income only.

Thanking you in anticipation...

[Ganeshan Kalyani]

Sir, if you have disclosed the details of house property in your ITR then Department will consider the income earned from said property in computing your income tax. This is my view. Thanks.

AI Summary

Notional rent tax treatment: disclosure in the income-tax return determines which co-owner is taxed on property income. The question is whether notional rent on a co-owned house (wife as co-applicant) is taxable to the husband when payments and loan EMIs were debited from his account. The advisor states that if the husband discloses the house property in his income-tax return, the tax department will treat the income from that property as part of the declaring taxpayer's income for tax computation.