Hi there
i want to buy a rental property in joint name with my wife
The savings we have made are in our joint account but has been done mainly by my wife which she earns as a free lancer
the property will be bought in our joint name and the loan papers will also be in our joint name as my wife does not have a regular source of income so the bank may not give her the loan to her only
i now want to know how the rent received will be divided between us
Can I ask the tenant to make the payment only to my wife and can she show the entire rent as her income in the income tax return ?
Thanks for advising
i want to buy a rental property in joint name with my wife
The savings we have made are in our joint account but has been done mainly by my wife which she earns as a free lancer
the property will be bought in our joint name and the loan papers will also be in our joint name as my wife does not have a regular source of income so the bank may not give her the loan to her only
i now want to know how the rent received will be divided between us
Can I ask the tenant to make the payment only to my wife and can she show the entire rent as her income in the income tax return ?
Thanks for advising
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