POSTED BY July 6, 2012 9:58 am COMMENTS (2)ON
Me and my mother are co-owners of a house. Neither of us has any other house to our name. The current house we are staying in is in my father’s name.
I also have a joint home loan with my mother. She is a housewife and has no income. My father made the down payment and loan was availed against my salary.
My name appears on the home loan account statement and I am availing the tax benefits against the loan payment.
Now I want to rent the house. Is there any way the rental income can be shown in my mother’s tax return and not add it to my taxable income?
My mother has never filed a return so far but has a PAN.
What do I need to do for this, like making the agreement in her name only, having the rent deposited in her account etc.?
kindly let me if any more info is required.