We have a land and building on my Father's name which cost as below
Purchase of Land during 1987 Rs. 15000.00 Construction of Building with major and minor improvements Rs. 700,000.00 Re Construction of Building - by Availing Mortgage Loan of Rs 20 lakhs Rs. 25,00,000.00
Total Cost of Property ( At cost Spent - market rate not considered) Rs.32,15,000.00
MY QUESTION IS
AFTER THE DEMISE OF MY FATHER, WE HAVE GOT THE LEGAL HEIR CERTIFICATE WHICH STATES THE LEGAL HEIRS ARE
MY MOTHER; MY ELDER SISTER, MYSELF AND MY YOUNGER SISTER
SINCE IM DOING PROFESSION AND PAYING INCOME TAX AS WELL AS THE ENTIRE LOAN AS STATED ABOVE ( TAKEN FOR PROPERTY)
MY QUESTION IS , WHETHER CAN I ADD THE PROPERTY IN TO MY FIXED ASSET SCHEDULE?
IF YES MEANS, WHAT WILL BE THE RATION?
SINCE IM PAYING THE 20 LAKHS LOAN TAKEN BY MY FATHER
WILL THERE BE ANY CHANGES IN RATIOS WHILE CONSIDERING THE PROPERTY
26 April 2023
1. Yes, you are the 25% owner of the property. 2. No change in ownership ratio of all the co-owners. The loan can be adjusted against any income from the property.
27 April 2023
1. The FMV of the property should be considered as per circle rate of the property as on 01.04.2001. 2. You cannot add loan amount paid to the cost of property, but as loan/advance over the house property, which is to be recovered from all the owners of the property.
CAclubindia
