Add rental income for a jointly owned property

Add rental income for a jointly owned property

Jointly-owned property is held by two or more people—whether spouses, business partners, friends, or family members. It’s a smart tax move since rental income, property taxes, home loan interest, and principal repayment are shared among co-owners.


Each co-owner can claim home loan interest u/s 24(b) and principal repayment u/s 80C. 


Learn more about the rules for self-occupied and let-out properties here.



Prerequisites to claim tax benefits

  • You must be a co-owner of the property, and a co-borrower for the loan, if any 
  • The construction of the property must be complete


Steps to add income


  1. Navigate to File > Incomes > House Property

  2. Choose the option Add Manually and select Let-Out as the property typeChoose the option Add Manually and select Let-Out as the property type

  3. Enter the property addressEnter the property address

  4. Add your share of rental income, municipal taxes, and home loan interest paidAdd your share of rental income, municipal taxes, and home loan interest paid

    Add your share of rental income, municipal taxes, and home loan interest paid

  5. Update the Tenant detailsUpdate the Tenant details

  6. Provide Co-Owner details i.e. Name, PAN and ownership percentageProvide Co-Owner details


If you still have any further queries, you can raise a ticket to get in touch with us.

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