Property in the joint name

Hi, 

As per in my view no need to show House in the balance sheet.

Look, the income is chargeable in the hands of either u or ur wife...

Whosoever's income is higher, another's income will clubbed with the higher income earner.. And accordingly the house should be shown in that person's balance-sheet (if balancesheet is prepared).

Daer Tushar,

I think Respective share will be shown in the "Statement of Affairs" of both joint owners...

Eg - if ratio is 50 - 50

Then 50% ownership in House No. __, situated at____  

Amount will be their respective share

Originally posted by : Amir
	Daer Tushar, Respective share will be shown in the "Statement of Affairs" of both joint owners... Eg - if ratio is 50 - 50 Then 50% ownership in House No. __, situated at____   Amount will be their respective share

I agree with amir........................... 

Regards

k.ilayaraja

Whosoever's income is higher, another's income will clubbed with the higher income earner.. And accordingly the house should be shown in that person's balance-sheet (if balancesheet is prepared).

i agree with it

It depends on source of fund for repayment , if u r repaying it 50-50 individually there is no question of clubbing there. . u can show all aspects equally in ur respective computations.

Mr. Tushar...

You need to be a little more specific with your question... You have mentioned that both are getting incomes... BUT the source and nature of the same is not given...

Whether spouse is working independently or in a partnership with you or employed in a firm in which you are a partner etc.?

Whether she is repaying loan from her independent income or not? 

Only based on this information can one comment on the applicability of clubbing...

AND in fact whether or not a balance sheet needs to be prepared is also a question.. the answer of this question will also depend on the source and nature of income...

ideally co-owners can show their share in their accounts independently (subject to deeming and clubbing provisions)... Please correct me if i am wrong...

Thanks and Regards,

Shravan

I too agree with Amir

When there is an adequate consideration then there is no question of clubbing 

Originally posted by : Amir
	Daer Tushar, I think Respective share will be shown in the "Statement of Affairs" of both joint owners... Eg - if ratio is 50 - 50 Then 50% ownership in House No. __, situated at____   Amount will be their respective share

totally agree with amir.......amir clear all the things.........

Originally posted by : Amir
	Daer Tushar, I think Respective share will be shown in the "Statement of Affairs" of both joint owners... Eg - if ratio is 50 - 50 Then 50% ownership in House No. __, situated at____   Amount will be their respective share

totally agree with amir.......amir clear all the things.........

agree with both  amir  or sarvan./././ you all are right

Mr.Amar is correct , as both the husband wife have joint name property and both contribute equal amount in repayment of loan hence both can take its 50% , 50% shares of property value in their own balancesheet.It would be better if at the time of  preparing sale deed , if ratio of owership also mentioned in that sale deed.It would be considered as strong proof for taking deduction etc.

dear all

i my opening income will be distributed as per ratio and each co  owner show this property as  per ratio in balance sheet , current same case is actual handle by my self

thanking you

amit goyal

(chartered accountant)