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house property

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(Querist)
04 March 2008 a house property was bought in the name of two brothers A and B.The loan for the purchase of the property was taken by A and is being repaid by A although the amount is later settled in cash between the two.
The quetion is in whose balane sheet will the house be showed.
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
04 March 2008 WHEN THE HOUSE IS PURCHASED IN JOINT NAME THAN BOTH OF THEM ARE THE LEGAL OWNER OF SUCH PROPERTY
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
04 March 2008 If you are talking about the individual balancesheet of A and B, each will have to show their share of the asset's value
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MANAS ROUT

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MANAS ROUT (Expert)
04 March 2008 THE VALUE OF HOUSE HAS TO BE SHOWN UNDER EACH OF THEIR BALANCE SHEET AS PER THE SHARE AGREED IN BETWEEN THEM .

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