Deemed owner

This query is : Resolved

B.V.Vijaya Lakshmi (Querist)
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17 March 2014 Sir,
A property is financed by one person and the same property is hold by another person among the two parties the party who is financed has treated as deemed owner or not; in whose books of accounts the property should be disclosed and what was impact of Binami Act

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 March 2014 1. The owner will be the person in whose name the property is registered.

2. The person who has financed the property will show the same as loan (current asset) in his books.