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...
Clarifying Tax Implications: Notional Rent Income on Spouse-Co-Owned Property Counts Towards Individual's Taxable Income An individual inquired about the tax implications of purchasing a house with their spouse as a co-applicant. Although all payments and loan EMIs were made from the individual's bank account, the question was whether the notional rent income should be shared with the spouse or considered solely the individual's income. The response suggested that if the house property details are disclosed in the individual's income tax return, the income from the property would be included in the individual's taxable income. (AI Summary)
TaxTMI 
TaxTMI 
