Property held by one owner
The owner should disclose the rental income in his Individual Tax Return (BIR 60).
Property held by more than one owner
Every owner (whether he is a joint owner or an owner-in-common) is legally obliged to file a Property Tax Return (BIR 57) to disclose the rental income and pay Property Tax as if he were the sole owner. But in practice, the tax return will be sent to the precedent owner (the owner as first named in the title deed) — then the precedent owner will be required to file the tax return and pay the tax on behalf of the other owners.
Tax penalty may be imposed on the owner if he commits the following offence:
1. failure to notify the Revenue within 4 months after the year of assessment if he has not received a tax return;
2. failure to file the tax return within the time specified;
3. filing an incorrect tax return; or
4. failure to keep sufficient rent record so as to compute the tax.