POSTED BY June 26, 2013 5:13 pm ONE COMMENTON
I have a property jointly owned with my mother. It is jointly registered under both our names and the home loan is jointly taken by us. We are also joint shareholders in the co-operative society in which the property is located. My mother had given me some amount for downpayment and later on for pre-payment of home loan; however EMI payments are made by me from salary.
Actually we had signed registered legal agreement which state that rental income will go to my mother and I don’t have objection.
1. Do I need to show rental income while filing ITR according to some proportion? Can’t my mother along show that income while filing her ITR?
2. What about home loan interest benefits? Currently I am taking 100% benefit of tax deduction for home loan interest.