Declaration of Assets

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Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2011 I have to declare all the assets that i hold as on a particular date(official purpose).My uncle has made me a joint owner in his flat.I take care of my uncle who is old and is a bachelor.However I have not contributed anything towards the purchase of the flat.

Do i still have to declare it?what if it it is for declaration to the government authority and my uncle does not have to do the same?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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14 January 2011 No.

Because the flat belongs to your uncle and you have not paid anything for it.

The amount paid towards flat is being shown in his balance sheet already.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2011 I have to declare all the assets that i hold as on a particular date(official purpose).My uncle has made me a joint owner in his flat.I take care of my uncle who is old and is a bachelor.However I have not contributed anything towards the purchase of the flat.

Do i still have to declare it?what if it it is for declaration to the government authority and my uncle does not have to do the same?

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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18 January 2011 Now I understood the intention behind your query.

( Ye an-dar ki baat hai ).

Better take the property as a gift in your account and register the same in your name with the Sub-Registrar.

Meet immediately with one advocate who provides such services.

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2011 well its not andar ki baat...i have just finished college and am in no condition to pay for property..but i have jst got a govt job...where i hve to declare assets.I do not intend to take the flat as a gift as my uncle owns it, actually,...am jst a jnt owner...its for my financial security so dat no other relatives claim it after him...so do i have to declare it...am not even assessable to income tax.

Querist : Anonymous

Querist : Anonymous (Querist)

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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19 January 2011 Fine.

.

Then it is not required to show it at all in your balance sheet.

.

There is no problem at all if you don't show it.

.

The purpose of declaration of assets to the Government is to know the sources how you got it.

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When your uncle will remain no more ( please don't take it otherwise ), then it will come automatically into your hands and other relatives cannot claim it.

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If you read the first part of my answer, then it was OK enough at that point. But thenafter you elaborated it. I presumed that your uncle is a government officer.

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See the following part of your query :

"Do i still have to declare it? what if it it is for declaration to the government authority and my uncle does not have to do the same?"

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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19 January 2011
Hope now you are satisfied that there is no need to show it as your asset.

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Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2011 Thank you, sir, for your guidance.Hope I can ask you for any other problem I encounter.