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 ?
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Transfer of SOP to spouse
Replies (3)
yes ur dad will be deemed owner as this transfer to spouse is without consideration
Yes your dad is still the deemed owner .
I think proper accounting treatment should have been a reduction in capital from your dads capital account and credit the flat ( Capital Dr Flat Cr - dad's books )
Moms books - (Flat Dr Capital Cr )
Thanks,
My question now is that my dad is a deemed owner to the extent of 35 % rite ? & also for Income Tax purpose his liability is to the extent of 35 % so if for the purpose of clearing dues if any, the property attached would be to the extent of 35 % right or is it that he is deemed owner to the extent of 100 % ?
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