Wealth tax act

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 Sir,

One of my clients having Properties in mumbai in name of joint name ( husband and wife). and also offer income from house propety in income tax return the name of husband name only.

my question is in shall file wealth tax return shall shows 50% value of propety

CA CS CMA Srinivasan N

CA CS CMA Srinivasan N (Expert)
Follow

21 May 2012 Hi,
If the property is bought in Joint Names with a clear percentage of ownership, it is possible to show separate liability for Income Tax and Wealth Tax. In the absence of clear share of property, it is not advisable to file separate returns.
Please read this article:
http://articles.economictimes.indiatimes.com/2005-12-17/news/27487899_1_property-conveyance-deed-purchase

Rgds
Srinivasan