Dear Members....
i want to know that if an assessee takes loan from bank in joint name of himself & his major son.Then he constucted a building in joint name from taken loan. So plz suggest me as per IT act in which assessee's balance sheet such house property would be shown? Both file return in their seprate name.
The concerned property should be shown as "Investment in Property" under Fixed Assets in the Assets side of Balance Sheet of the both the assessee in accordance the amount was actually invested by the respective assessee.
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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VIKAS VERMA & CO
New Delhi
Others
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Arvindkumar Maniar & Co.
Rajkot
CA
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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