If a land purchase in the name of two brother then ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2016 Sir,

If a land is purchase in the name of the two brother the in which brother Income tax file land will be shown.Whether land will be shown in both brother file if so then how the amount will be divided.

Please suggest.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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19 April 2016 If a land is purchased in two brothers name than it implies that land is jointly held by them and so must be shown in both balance sheets with equal share of cost if nothing as to proportion of ownership is mentioned in purchase deed or registration documents.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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