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Income tax considerations for joint people who own properties

Income tax considerations for joint people who own properties

A typical misconception is that, because the property is co-owned, the earnings through the property must certanly be taxed similarly in the possession of associated with partners that are the co-owners.

Homi Mistry

It really is a practice that is common Asia to purchase a home property in joint names. The buyer adds his/her spouse’s name as a joint holder for various reasons such as smooth succession and availing tax benefits in most cases. The spouse is treated as a legal co-owner of the house property as his/her name is mentioned in the purchase deed in such cases.

offered the above mentioned, concern arises as to exactly how to account fully for income such as for instance lease and money gains in the possession of for the partners.

A typical misconception is that, considering that the property is co-owned, the earnings through the home, be it, leasing earnings or money gain must be taxed similarly in the possession of of this partners that are the co-owners.

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