Disclosure of housing loan in case of co-applicant

This query is : Resolved

Viini Kulkarni (Querist)
Follow

31 August 2012 Dear Sir,
I have an issue wherein housing loan is taken by one of co-applicant and property is registered in name of both applicants.
Second applicant is not the borrower for loan.

Should I show housing loan entierly in balance sheet, and property value half or entire property value in full in balance sheet.

Assessee has business and salary income.

Please advice ASAP, as need to file income tax return today, Thanks

Pankaj Gupta

Pankaj Gupta (Expert)
Follow

31 August 2012 You can claim full amount of loan in the name of the co-applicant and half of the property.
so, show full amount of loan as liability and half of the value of property as asset.