Hi,
My fatther & my mother owned a Self Occupied House Property in the ratio 35 : 65. My father transferred his 35% share to my mother by making a gift deed on 17.08.08. The property now is 100% in the name of my mother. My Query: 1. Is my dad still a deemed owner u/s 27 for income tax purpose? 2. My dad previously showed Flat a/c in his B/s at book value but in the current assessment he showed my mother's name instead of Flat a/c as receivable. Is this accounting treatment proper or should my dad have shown it as gift given to my mother ? & what treatment should my mother give for the same in her books ?
CAclubindia
