Dear All,
One of my client has purchase the residential house at Kharghar, Navi-Mumbai of Rs.3500000/-. The said property was in name of both the Husband & Wife but did not mention share of each in the agreement. The first Name in Agreement is of Mr. and Second name is of Mrs. Also Loan was sanctioned approx 2500000/- in name of Mr. only and all the payment was also made form books of Mr.
then my question is
1. How Share can be determined bcoz. agreement did not mentioned clarification about share of property
2. For preparation of balancesheet whether 3500000/- property value will be shown in Mr. books of how much will be considered
3. Interest on Loan for FY 2014-15 is around 180000/- benefit will taken in Mr. books or both bcpz loan was sanctioned in name of Mr. Only
4. In ITR - HP Sch details of Co-Owner is compulsary with PAN then ??
Please reply its urgent
Regards,
Saumit
CAclubindia
