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The Hindu
Q. My wife and I are senior citizens drawing pension. We have a flat in our joint names which has be
Q. My wife and I are senior citizens drawing pension. We have a flat in our joint names which has been let out.
Hitherto the monthly rent was being credited to our joint account. But the entire rental amount was shown as income in my hands and tax paid accordingly.
From this (2022-23) FY we are thinking of crediting the rent to the account in the individual name of my wife which will be shown as her income for income tax purposes.
We would like to have your comments on the proposal, specially on the tax implications, if any.
T.Viswanathan
A. The house property is jointly held in both your and your wife’s names due to which the rental income arising out of the house property will be treated as income in your hands and your wife’s hands irrespective of who receives the funds based on the proportion of ownership.
You may collect the monies to either of your accounts or your joint account based on your convenience and ease of operation of your funds.
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