Is it necessary to change the property deed to take full rent in a joint property?

Can you change the rent-sharing ratio without changing the ownership ratio in a joint property's document at any time? The answer is yes, provided you follow the proper legal route and amend the property deed to reflect the change. Not doing a so can land you in tax trouble. Today's Q&A explains this in more detail in response to a reader's query.

Since the rental income was divided between the joint owners equally in the past, it is presumed that the same was funded equally by all the joint owners.

Share in the ownership of the property gets crystallized at the time of purchase of the property and cannot be changed as per the whims and fancies of the joint owners, unless an agreement to transfer one’s share to another joint owner is entered into and registered with the office of the registrar.

It seems that you wish to change the rent-sharing ratio, without actually changing the ownership ratio. In my opinion, doing this is patently wrong and may invite penal action from the Income Tax Department if the same is detected. I would strongly advise against doing so.

In case the contribution for the ownership of the property was not made equally, please allocate the rent in the ratio of the respective contribution to avoid any problem in the future.