24 June 2010
My client purchased flat and the flat is on the name of client and his wife.cheque is issued from the account of client as well as his wife. In this case how to show income from house property.And how to show asset in both the books of accounts.
24 June 2010
As you have mentioned that the propety is on the name of husband as well as on wife name and payment is also made by both of them. In such a case both will be co owners u/s 26 and hence both will have house property and the ratio will be 50% each for all the calculations.
CAclubindia
