Purchase of property by joint owners

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Proprietor
161 Points Posted on 25 December 2023
Hello
My query is related with
We are three brothers and purchasing a property jointly in the name of our wifes .
So is there any consequences related to income tax notice has to be faced by us.
please reply
thanks
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On 25 December 2023 at 23:14 Report
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Quick Summary
Three brothers are purchasing a property jointly in their wives' names and are concerned about potential income tax notices. While generally permissible, there's a risk of scrutiny if the wives do not file income tax returns or file nominal ones. It's advisable to be aware of this possibility.

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"Do the Right Thing...!!!"
128162 Points Posted on 26 December 2023
As per Your query,
No issues. You can purchase...
Reply
On 26 December 2023 at 06:31
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Practising CA
8954 Points Posted on 26 December 2023
Normally, it is found that if respective wife's are not filing ITR/ filing nominal income ITR, the case is selected for scrutiny. Not that you cannot deal with it, but just a heads up.

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
1 Reply
On 26 December 2023 at 23:48

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