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TaxTMI 
TaxTMI 
TaxTMI 
Joint Ownership of Rental Property
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....oint Ownership of Rental Property<br> Query (Issue) Started By: - Surge tinaik Dated:- 19-1-2011 Last Reply Date:- 13-2-2011 Income Tax<br>Got 2 Replies<br>Income Tax<br>I have a property jointly owne....
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....d with my mother. It is jointly registered under both our names and the home loan is jointly taken by us. We are also joint shareholders in the co-operative society in which the property is located. H....
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....owever the entire investment in the property and the EMI payments are made by me. Can I split any rental income (profit/loss) from this property between me and my mother?? Reply By CA Rachit Agarwa....
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....l: The Reply: Refer Section 26 of the Income Tax Act, 1961. It clearly says if the property is owned by more than 1 person and share is definite, then the proportionate income can be allocated betwe....
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....en the co-owners. Section 26 is silent about the investment pattern of the property. Hence in our opinion the rental income could be assessable in your hands and your mother proportionately. Reply B....
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....y Seetharaman K C: The Reply: If you can prove that you and your mother have joint ownership in the property the income can be split equally between two of you<br> Discussion Forum - Knowledge Sharin....
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....g ....