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Amit   29 April 2018

Loss or income on rent payed on co-owned property

Hello All,

Me and my wife along with 4 other relatives [total 6 co-owners] have purchased a bunglow with three floors. 

We have leased out two floors and receiving rents for those. However, for one floor, I have leased it out to my in-laws. But they are not paying the rent, instead the rent is paid by my wife - who herself is also a co-owner of the property.

My question : 

For my wife, as a co-owner of this property, its an income for that floor where in-laws are staying. And on the other hand she is also paying a rent for her dependent parents. Is there a possibility that she can get a deduction in income by any means? [HRA / Income from house property

Thanks !

 



Learning

 1 Replies

Kumar Doab (FIN)     29 April 2018

The Owner (Co-owner) can decide to not to collect rent from dependant parents..

You may also post the query at LCI Group website;

CAClubindia


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