Tax Implication: Business Run from jointly held property

-sold a property held jointly with wife;
-purchased another property (registered as residential) jointly u/s 54 to save LTCG;
-wife intends to run business from that property (play schools can be run from residential properties).
question: what will be treated as taxable income for myself u/s 24, if any since I am the joint holder? do I need to be taxed at 50% of the notional rent?
i am assuming my wife will not have any tax from property?
Anonymous Asked on January 4, 2018 in Taxations.
Add Comment
1 Answer(s)

If you are owner of more than one property , then second property will be taxed on the basis of notional rent. Now on 50% of property if its used for business and profession then balance will be taxable. Yes wife wont have any tax on property.


TaxIQ Answered on January 8, 2018.
Add Comment