17 December 2013
what is treatment in the case of property purchase on joint name ( father & son ) purchase consideration paid by father and all building made expensses paid by son , in the books of the both.
17 December 2013
The better would be firstly to account for all the purchase consideration and expenses. . Then divide the amount between the two. . In case loan is taken; the interest and installments would be deductible in the hands of the both. . The excess amount paid by father; may be treated as a loan in the hands of the son. .
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