In March 2016, A flat was bought by my son. It was on bank loan. It was bought in joint name of my son and myself. My name is included as co-loanee in bank. Myself being retired person, a senior citizen with a limited income below taxable limit. I did not have any financial involvement in the purchase of flat and other related fees payment, only a co-owner just in name in the deed.
The property was registered and possession was handed over in March, 2016.
In ITR, Under Schedule AI - Asset and Liability at the end of the year (Applicable in a case where total income exceeds Rs. 50 lakh) is noted.
My son's total income is far below Rs.50 Lakhs.
Is it at all necessary for him to declare Asset under A>1> Immovable Property?
If yes, which value to be entered - Purchase Value or Value as assessed for the purpose of Registration Fess & Stamp Duty computation?
The propety value is 19.8L and govt computed value is more than Rs.24 Lakhs.
As bank loan is repayable in 15 Years starting from May,2016, May the property be treated as Asset on our part.
My son works in Chennai and reside in a rented house and property is in Kolkata. None is residing now though, our family will start residing in near future. Is it liable to tax on income from other sources?
What's is the suggestion?
CAclubindia
