Taxation on house rent received for jointly owned property on which EMI is there
1 year ago
We have bought a house jointly (husband + wife). The house has been purchased with the help of housing loan (loan taken jointly in the name of husband and wife) on which EMI is currently planned to be paid by only one person, i.e. husband.
We both used some of our savings and rest was catered to by home loan for purchasing of the property.
We are planning to rent out the house.
I have following query-
1. Now when the rent from property will be received, how it will be taxed?
2. Can rent be received by only one person or it has to be shown in income of both husband and wife in some ratio?
3. How can income tax be minimised legally? Can rent be used to pay some portion of EMI etc?
A.Dear Sir,
Better clarify your financial doubt with any Chartered accountant or Auditor who will be more acquainted with such issues.
Better clarify your financial doubt with any Chartered accountant or Auditor who will be more acquainted with such issues.
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