Assets purchased

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2011 if a person purchase a asset say house property in the name name of others,,then in whose bal sheet it will be appeared,,the title holder or the person who has made the payment?

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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26 September 2011 There is the concept of benefecial owner than the registered owner, if we had paid for the property, it is to be appeared in our books irrespective it has been registered in relative's name as cash outflow is from our books

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2011 thanks pushpendra...ji..and in case of joint owner and co owner...wat will be happened?

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Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2011 in which chapter of i.t act 1961,,i can find the concept of beneficial owner v/s reistered owner?