I have purchased a flat of 80 lacs in my name and mother name.
My mother is housewife.
I have paid 20 lacs as advance from my bank account to seller and rest 60 lacs was through bank home loan.
In bank loan paper mother had signed as a co-applicant (as her name is there in property paper as Joint owner).
My mother has not contributed any money in purchase as she is a housewife.
I have deducted 1% tds from my PAN on 40 lacs and 1% tds from my mother PAN on 40 lacs on behalf of seller I.e. 40k each from my PAN and mother PAN (as mother name is there as joint owner)
In the property registry paper my mother name is their as a co-buyer but she has not paid any money.
Now, I am filing my ITR (ITR2 as income is above 50 lacs) where I have to disclose my assets...so, I have mentioned this flat there and mentioned its value as only 40 lacs [as my mother is also a joint owner as per registry paper and she holds equal share in the property (as share is not mentioned in the sale deed)]... Is this right?
CAclubindia
