Joint property purchase
This query is : Resolved
17 December 2013
what is treatment in the case of property purchase on joint name ( father & son ) purchase consideration paid by father and all building made expensses paid by son , in the books of the both.
17 December 2013
It will be booked in proportion to the share of ownership ratio.
17 December 2013
The better would be firstly to account for all the purchase consideration and expenses.
.
Then divide the amount between the two.
.
In case loan is taken; the interest and installments would be deductible in the hands of the both.
.
The excess amount paid by father; may be treated as a loan in the hands of the son.
.
.
Then divide the amount between the two.
.
In case loan is taken; the interest and installments would be deductible in the hands of the both.
.
The excess amount paid by father; may be treated as a loan in the hands of the son.
.
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