House property

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Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2010 If house property is in joint name then in whose balance sheet it should appear?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 August 2010 It will appear based on the proportion of ownership, both persons balance sheet will appear

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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25 August 2010 Continuing the answer of CMA Ramesh Krishnan -

and where a person has not contributed any sum towards acquisition of house property then he is not eligible to show it in his balance sheet.

This situation arises because many times for the sake of convenience registry is made in two names.