My spouse and I jointly own a house in which both of us have invested equally out of independent sources. Can the rental income received be split up between us and taxed in the individual hands?
FAQs on Income from house property
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Rental income allocation: taxable in each co-owner's hands where each co-owner's share is clearly ascertainable. Rental income from a jointly owned house may be taxed in the individual hands of co-owners where each co-owner's proportionate share of ownership and ... Summary
Rental income allocation: taxable in each co-owner's hands where each co-owner's share is clearly ascertainable.
Rental income from a jointly owned house may be taxed in the individual hands of co-owners where each co-owner's proportionate share of ownership and entitlement to income is ascertainable; the ascertainability of each owner's share is the operative condition for separate taxation.
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