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Flat purchase in the name of wife and husband

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(Querist)
04 March 2018 Please advice the Tax applicabilty on a/c of a Flat Purchase in the name of Wife and Husband as well as, If any Housing Loan taken in the name of Wife.

Should we take 50-50 ratio of the value of the Flat while preparing the Balance Sheet for Filing of Income Tax Return.

Valued reply of the above should help us to take decision and Filing of Income Tax Return
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
04 March 2018 It's better you take proportionately so that both can get benefit if you have Taxable income.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
05 March 2018 Showing it as jointly owned is possible. Only the wife can claim the Tax benefits of home loan as the loan is taken in her name only.
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