Related New House

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Prakash Jasani (Querist)

23 April 2009 Dear Experts,

Mr. A is individual he is purchase a house jointly with his wife name (means 1st holder is Mr. A & 2nd holders is Mrs. A) by taking a loan from bank.

My question is that the house purchase is shown under whose books whether Mr. A or Mrs. A.? If in both the books then on which basis I have to bifurcate between Mr. A & Mrs. A

Where as the housing loan principal & interest payment made by Mr. A, in this case also,on which basis I have to bifurcate between Mr. A & Mrs. A

Reply ASAP.

Regards,
Prakash Jasani

Taranjit Singh

Taranjit Singh (Expert)

24 April 2009 Hello parkash, please clear one point first that if the house is residential house, then no books are maintained.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)

24 April 2009 As per their ownership ratio in Agreement of Sale & Loan Agreement respectively.

Prakash Jasani

Prakash Jasani (Querist)

25 April 2009 This house is residential house & if there is no specfic cluase in agreement abt.ownership ratio, then which base i have to bifurcate among them?

Reply ASAP.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)

25 April 2009 Then ownership will be ratio in which the payment is mede.

Prakash Jasani

Prakash Jasani (Querist)

25 April 2009 I am not get it, pls. give one example.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)

26 April 2009 Out of total cost of house of 1,00,000, Mr.A paid 75000/- and Mrs.A paid 25000/- so ownership ratio will be 75:25.

Prakash Jasani

Prakash Jasani (Querist)

27 April 2009 Mrs.A just 2nd holder only as per agreement, she is not concerned abt.any payment at all related to new house. All the payment hasbeen made by Mr.A only.

New Home Value: Rs.7.5 lacs (joint name)
Paymt against loan: Rs.6.8 lacs(joint name)
Bal.Paymt.: Rs.0.7 thousand

Bal.paymt.made by Mr.A only & in future also all the payment related to new home hasbeen made by Mr.A only.

In this case what to do? Pls guide & reply asap.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)

27 April 2009 Then i beg to say that house will be taken as property of Mr.A only.

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