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Asset owned by wife

This query is : Resolved 
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(Querist)
30 April 2020 If a tempo used for transporting goods is registered in name of wife and loan is also in name of wife, however EMI is paid by husband and the same is used in husband's business..How to show that in husband's balancesheet and ITR
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RAJA P M

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RAJA P M (Expert)
01 May 2020 The amount will be shown as withdrawal
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 May 2020 Show the amount paid towards EMI as rental payment for tempo.
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
08 May 2020 I think it can also be show it as an asset and EMI as expenses in the books of accounts along with claiming depreciation on the same.
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
25 May 2020 I think it can not be shown in husband's BS as an asset as the ownership is not with him.
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