Asset Declaration in ITR2 incase of joint ownership property with Mother...mother is a housewife

Quick Summary
This discussion addresses how to declare a jointly owned property in ITR2 when one owner is a housewife and has not contributed financially. The consensus suggests declaring the full property value as an asset and the full loan amount as a liability, even if the co-owner is listed on the deed and loan documents. While the CA's approach of declaring 50% might not cause immediate issues, the correct accounting reflects the full financial contribution and liability of the primary owner.

Yes, correct.           Good Luck...           

Thanks a lot Dhirajlal Ji.

Since you have great understanding of income tax return.....If I may ask ....are you a Chartered Account?

I am asking this because if you are a CA then I will get my ITR filed from you. 

Till your CA is providing you satisfactory services at reasonable cost, you must not leave him. His view in the above case cannot be negated, nor harmful to tax payer. It is his way of working.

Secondly, I am not here for grabing my colleagues' clients.

Good luck.

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