I have purchased a flat of 80 lacs in my name and mother name.
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).
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
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 cobuyer 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
