Our Client has Purchased a new Flat against Loan. Both the Client and his Son jointly purchased the new flat. Whether 50% of the value of the flat is to be reflected in their balance sheet? If the payment is not made equally between them, Whether the value to be shown in balance sheet is equal to payment made? Also Loan repayment is made completely by father, in whose balance sheet the loan account should be reflected?
Also in case of Flat sale whether capital gain is to be divided equally between them irrespective of the sales consideration received by him?
CAclubindia
