Deemed owner
This query is : Resolved
B.V.Vijaya Lakshmi
(Querist)
17 March 2014
Sir,
A property is financed by one person and the same property is hold by another person among the two parties the party who is financed has treated as deemed owner or not; in whose books of accounts the property should be disclosed and what was impact of Binami Act
A property is financed by one person and the same property is hold by another person among the two parties the party who is financed has treated as deemed owner or not; in whose books of accounts the property should be disclosed and what was impact of Binami Act
18 March 2014
1. The owner will be the person in whose name the property is registered.
2. The person who has financed the property will show the same as loan (current asset) in his books.
2. The person who has financed the property will show the same as loan (current asset) in his books.
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