CA Lokesh Kumar Tiwari (Asst. Finance Manager) (195 Points)
17 June 2010Dear Members....
i want to know that if an assessee takes loan from bank in joint name of himself & his major son.Then he constucted a building in joint name from taken loan. So plz suggest me as per IT act in which assessee's balance sheet such house property would be shown? Both file return in their seprate name.
Akhil Gupta
(Manager F&A)
(856 Points)
Replied 17 June 2010
The concerned property should be shown as "Investment in Property" under Fixed Assets in the Assets side of Balance Sheet of the both the assessee in accordance the amount was actually invested by the respective assessee.
CAclubindia
