If a house is purchase in joint names and the agreement is silent on share of each owner then can it be assumed as 50% share i.e equal in case of 2 co-owners.....even if entire payment is made from one of the owners??
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Share of ownership in case of joint names
Replies (2)
Hello Depen,
Both of the co-owners are equally entitled for the ownership. Both of them can claim 50% each share at the time of sale of the house.
But in the income tax law, it's not same.
if you can prove that the consideration is paid 100% by one party and there is no other consideration by 2nd, the case can be different.
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