Property showing in Balance sheet
This query is : Resolved
20 November 2020
Dear Sir,
I have a rented commercial apartment in which I am the first holder and my mother is the second holder.
We have divided the rental income equally between both of us but all the installation payments for purchase of the property were made by my mother's bank account.
Is it necessary for me to show the property in my books of accounts as all the payments were made by my mother on my behalf and at present the entire value of the property is reflected in my mother's books of accounts.
We file our income tax returns under individual capacity U/s 44AD.
Please help me regarding this matter.
Regards,
Divyesh Jain
I have a rented commercial apartment in which I am the first holder and my mother is the second holder.
We have divided the rental income equally between both of us but all the installation payments for purchase of the property were made by my mother's bank account.
Is it necessary for me to show the property in my books of accounts as all the payments were made by my mother on my behalf and at present the entire value of the property is reflected in my mother's books of accounts.
We file our income tax returns under individual capacity U/s 44AD.
Please help me regarding this matter.
Regards,
Divyesh Jain
23 November 2020
Dear Sir, You have to show Property value in ratio of your Ownership as shown in Property Purchase Documents. If you are filing your ITR under Section -44AD, then this property value is not required to shown in ITR but if you are maintaining books of accounts for Internal Purpose then you must segregate the same. If still you have any Query , you can contact us at - 9911303737
23 November 2020
Thanks a lot Shiv Kumarji for your reply
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