Joint property purchase
This query is : Resolved
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
It will be booked in proportion to the share of ownership ratio.
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.
.
.
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.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Filing of Form 10BB instead of Filing Form 10B
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
