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.
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
- Navigate to File > Incomes > House Property

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

- Enter the property address

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


- Update the Tenant details

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

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