Joint property purchase

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garima (Querist)
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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.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 December 2013 It will be booked in proportion to the share of ownership ratio.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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17 December 2013 The better would be firstly to account for all the purchase consideration and expenses.
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Then divide the amount between the two.
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In case loan is taken; the interest and installments would be deductible in the hands of the both.
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The excess amount paid by father; may be treated as a loan in the hands of the son.
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