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Taxation terms in case of house wife being co-owner in property?
28-Jun-2023 (In Property Law)
I am buying second house for rental purpose. I am applicant and my wife is co-applicant in home loan. my wife is house wife. the property will be registered in both names. We will be mentioned as "purchasers" in sale deed. Pl. clarify: 1. What will be % share in property for each of us. 2.As I will be paying EMIs, to whom tax benefits will pass. 3. The rent will be coming in wife account only. will this be against income tax rules. 4. suggest method so that i can receive full rent in my wife account legally.
Please consult your charter accountant for tax related issues. He will be able to answer you appropriately. As regards the share in the property, if you and your wife are goans and if your marriage is registered here then as per the Goan laws your wife will automatically be 50% share holder in your property. For other tax related issues consult your CA.
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Adv. Prashil Jairam Arolkar
Goa | 25+ Answers
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I am assuming you and your wife are domiciled in Goa and married under law prevailing in Goa. Keeping this fact in mind you and your wife will have equal share in the property. Also both would have to file joint IT returns so except your salary rest of the income would be apportioned equally in terms of section 5a of income tax act, so even if your wife receives the rent it would be apportioned equally for income tax purpose
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Adv. Salil Saudagar
Goa | 25+ Answers
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