Rental income from co-owned properties Rental income from co-owned properties

1 year ago

If there is 2 owners of a property and it is rented out, can only one of them claim/ take the whole income from the rent (if the other owner also agrees to it) and file ITR accordingly?

Anik

Responded 1 year ago

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A.Dear Client it is fine and there should not be issues. Coming to the filing of ITR, it should be done and accepted by the Income Tax authorities. Hope this helps!
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Abhimanyu Shandilya

Responded 1 year ago

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A.Dear Client
As far as taking the rental by one owner is concerned with the consent of another, it is fine and there are no issues and similarly the filing of ITR should be done and accepted by the Income Tax authorities. But to be more sure I would suggest that you once get in touch with a Chartered Accountant.
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