Tax treatment in case of co-ownership of a property.

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2015 If there are two person holding 50% each in two different house property.So in this case deemed ownership is applicable.But if by mutual understanding between two person if each of the one show one property in their respective books they can be escape from being taxable.So is it possible? Or is there any other way out by which they can be escaped from being taxed.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

17 April 2015 if they are co -onwers by agreement or otherwise then both will have to disclose thier share of property and any income earned in thier itr.

mutual understanding will be ignored by itd.

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2015 so is there any other way by which they are not liable?/

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

17 April 2015 there is no other way other then transferring to name on 1 onwer on paper and register it else dept shall tax both of co owners.

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2015 and if we show it as a gift by one person to another than??

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

17 April 2015 then u must have made a gift deed on stamp paper that too back dated and must be registered + stamp duty as applicable on it must have been paid ......

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