Property in Joint Name

Querist : Anonymous (Querist) 15 March 2010 This query is : Resolved
Sir, Please tell me the advantage and disadvantage to take property in joint me.

1)Suppose I take property in joint name can I show the income from rent to in my wife name(by taking Cheque in her name)i.e.showing income in wife name
2)If it is second property , can interest rebate in income tax is also available for second property.
3)Income from second property will be deducted from interest rebate of both houses (if rebate is available on second property)

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Kumar Thadhani (Expert) 15 March 2010
Yes you can bifuricate your rent income with your wife.Yes can claim interest rebate of RS 1,50,000/- at the maximum in one fianiancial yearfor both properties.

Raj Kumar Makkad (Expert) 15 March 2010
I do agree with Thadani

A V Vishal (Expert) 16 March 2010
1)Suppose I take property in joint name can I show the income from rent to in my wife name(by taking Cheque in her name)i.e.showing income in wife name

Ans. Where two or more persons own a property jointly and the share of each co-owner is definite and ascertainable, then the share of each co-owner shall be included in their hands individually as House Property Income.

They need not be assessed to income tax as an AOP (Section 26).

2)If it is second property , can interest rebate in income tax is also available for second property.

Ans. Yes you can claim interest.

3)Income from second property will be deducted from interest rebate of both houses (if rebate is available on second property)

Ans. Yes it is deducted and the limit of Rs.1.50 lacs is inapplicable to the let out property, apart from this you can claim interest on the first property provided if it is self occupied you can claim only Rs.1.50 lacs and in case of partly self occupied and partly let out, you can claim entire interest.

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