Taxation

Rohan Awasthi: My wife and I co-own a property that we bought in 2016 for investment purpose. We have let it out for a monthly rent of ` 20,000. My wife is not working since 2014, but she contributed to the home loan down payment from her savings. In income tax declaration, can I show the entire rental income as her income? Also, as I am the one paying all the EMIs. Can I keep claiming 100 per cent benefit for income tax purpose?

Archit Gupta, Founder and CEO of ClearTax, replies:

As you are co- owners, each of you has to show your part of the income from the house property. You cannot claim the EMI benefit and not show the rent as your income. Regarding interest and repayment of home loan principal, you are eligible to claim the benefits entirely as you are paying the EMIs.