Wealth tax act
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 May 2012
Sir,
One of my clients having Properties in mumbai in name of joint name ( husband and wife). and also offer income from house propety in income tax return the name of husband name only.
my question is in shall file wealth tax return shall shows 50% value of propety
One of my clients having Properties in mumbai in name of joint name ( husband and wife). and also offer income from house propety in income tax return the name of husband name only.
my question is in shall file wealth tax return shall shows 50% value of propety
21 May 2012
Hi,
If the property is bought in Joint Names with a clear percentage of ownership, it is possible to show separate liability for Income Tax and Wealth Tax. In the absence of clear share of property, it is not advisable to file separate returns.
Please read this article:
http://articles.economictimes.indiatimes.com/2005-12-17/news/27487899_1_property-conveyance-deed-purchase
Rgds
Srinivasan
If the property is bought in Joint Names with a clear percentage of ownership, it is possible to show separate liability for Income Tax and Wealth Tax. In the absence of clear share of property, it is not advisable to file separate returns.
Please read this article:
http://articles.economictimes.indiatimes.com/2005-12-17/news/27487899_1_property-conveyance-deed-purchase
Rgds
Srinivasan
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