Rent cannot be taxed in the hand of co-owner if his name is added merely to avoid succession problems in future

Advertisement Though the assessee is the sole owner of the property, he has included his wife and son as co-owners in the sale deed only to avoid succession problems in future and that they were also included as co-obligants in the loan agreement on insistence by the SBI to avoid legal litigation in future. Further as the Assessee has made the substantial payment towards Purchase of Property so he is the real owner of Property and needs to offer full rent Income on such property in his account and can also claim interest on loan taken for purchase of such property. Relevant Extract of the J...