Property on loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2012 A female assessee had taken loan, two years back, to invest in a plot, however plot was registered in joint name with her husband as first name and wife as second.

As a part of rectification exercise, whether

a) Husband should pay 50% of plot value to wife alongwith interest from the date of purchase, considering it was a loan from wife to husband.

b) 50% of husband's shares should be taken as gift from wife to husband.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 April 2012 It is not prudent to take loan for making a gift.
.
So. Option a) may be thought for.
.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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17 April 2012 Yes you are right if you want to given joint ownership to the husband then whatever you are planning is correct otherwise therefrom the wife will pay interest on loan. Do not show gift from husband otherwise the provision of section 64 will apply

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