income tax

This query is : Resolved

student (Querist)
Follow

01 June 2010 I faced a problen in one of the case;
suppose if plot of value 2 lac for which advance was given by me & my spouse jointly (30:70) but after when i applied fr registry society said that such property can be registered only in one person's name now how i transfer that 30% in my spouse a/c's. both of us b/s in 07-08 shows such proportion & now in 09-10 registry only in my spouse name now whether spouse can pay me those 3% in cash /bank or if paid in cash 269ss or 269t attracted on such loans or not b/c it is for plot

thanks in advance

student

student (Querist)
Follow

29 November 2010 PLS REPLY MY QUERY SO MANY KNOWLEDGEABLE PEOPLE AVAILABLE ON CACLUBINDIA.PLS HELP ME ON THIS QUERY

student

student (Querist)
Follow

04 December 2010 PLS REPLY MY QUERY

student

student (Querist)
Follow

04 December 2010 PLS RESOLVE MY QUERY

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

09 December 2010 For practical purposes :

1. In 2010 Balance sheet show your contribution as advance (as shown in 07-08) despite the fact that you don't have any right in the property due to registry in the name of your spouse.

2. The reason is still you have to recover the amount from someone i.e. your spouse.

3. Your spouse will also show the amount invested by him in the property in 09-10.

4. In current year; he can pay you by account payee cheque and in this way he will increase the amount in the property and your advance will become nil.

5. Here one can argue that he had to show your contribution as a loan but for practical purposes this may create undue harassment by the Income-Tax Authorities that he took loan from you without account payee cheque.

6. If in future; during the course of assessment such question arises; then explanation can be given that registry was denied in the name of two persons hence this situation happened.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

kavita goel

avulaandcopdrl 2023

divakar podaturu

Ashok Atluri

CA Reshma prabhu

Subscribe Now

income tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA