ITR Filing 2024-25: The last date of filing ITR for Finance 2024-25 by the central government has been increased from 31 July to 15 September 2025. There is also a lot of confusion about tax filing. If you also do home and are given to someone on rent. Thinking that his income will be taxed or not or if that house is in the name of both husband and wife, then who will have to pay tax? If such questions are coming in your mind, then you are in the right place. Let us tell you about the rules related to tax on rental property.
Provisions have been made for tax on rental income by the Income Tax Department. The first thing has to pay tax on rental income. But it has rules. If a husband and wife online a house and they get some fixed amount fare on it. So they will be taxed. According to Section 26 of the Aayakar Act, 1961, when a joint property (house) is with multiple people and their shares are fixed and clear, the income from that property is calculated for tax on their name according to every co-owner.
At the same time, every co-owner can calculate the income of its share independent. They can also claim separate claims like under standard deduction of section 24 or interest on border capital. Every co-owner has to show this income in its individual income tax return. Meaning, every one gives the account of tax on the basis of their share, due to which there is clearance and fairness in tax calculation. This rule enhances that the income of joint property should be properly divided.
