Income from House Property.

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2011 A house property is jointly held by mother and son , with no definite share. The son used to pay all the loan amount. However at one time mother paid certain sum. The loan amount was Rs 50 lacs and the mother paid Rs.10 lac. The house has 3 units . One held by mother. 2nd unit-son and his family lives. In 3rd unit- is rented. Son had to pay 3 lacs in interest.

1) Treatment of rent received?
2) Treatment of interest paid?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

12 July 2011 Matter of ownership inter se can be decided by the mother and the son only.
As full particulars have been not furnished by you, we can only guide in this regard.
*
In the absence of specific mention about the share in the property, it is to be decided by them that how much will be the share of each and they can show it in a desired manner.
*
Something must be reflected by their respective past balance sheets also, try to find out the investment shown by them as well as liability of loan shown therein.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now