Asset owned by wife
This query is : Resolved
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HETAL RAMESH JIVRAJANI
(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
CA R SEETHARAMAN
(Expert)
02 May 2020
Show the amount paid towards EMI as rental payment for tempo.
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.
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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