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How to get my share of the rental income from the property?
05-Mar-2023 (In Property Law)
I am in US and property in India. Income going to brother. He is not giving me my share. Property has my name also. How to force him to give me my share and find out the financials.
When a property is jointly owned by two or more persons, each one of them is called a co-owner. In case of co-ownership of property (section 26 of the income tax act), income under the head House Property is calculated assuming there is a single owner.
Hence standard deduction of 30% on Net Annual Value and interest on housing loan will be taken into consideration while calculating the income from house property.
Taxable income so calculated will be divided among the co-owners in the proportion of their share in the property.
Let’s take an example to understand the calculation:
A Property is co-owned by A and B.
A owns 60% share while B holds 40% share in the property.
Total rent income from such property is Rs. 5,00,000.
They both A and B paid interest on home loan of Rs. 6000 & 4000 respectively.
Hence standard deduction of 30% on Net Annual Value and interest on housing loan will be taken into consideration while calculating the income from house property.
Taxable income so calculated will be divided among the co-owners in the proportion of their share in the property.
Let’s take an example to understand the calculation:
A Property is co-owned by A and B.
A owns 60% share while B holds 40% share in the property.
Total rent income from such property is Rs. 5,00,000.
They both A and B paid interest on home loan of Rs. 6000 & 4000 respectively.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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