Ankur (Service) (32 Points)
29 December 2008If we dont explicitly mention the ownership details in the sale deed (in case of joint owners), is it assumed by tax authorites that share of owner ship is 50:50
If the sale deed is already prepared and registered and the share of ownership is not explicity mentioned, what is the best way to now declare the ownership share??
CA.Madhu
(Charted Accountant)
(204 Points)
Replied 29 December 2008
As per the department concerned they can go to any ground of suspension unless it is clear in sale deed.
But it is your responsibility to prove the source for acqusition and the previous owner from whom u bought and the muncipal taxes paid bills.
I think the I.T Dept should not suppose to assume like that.
CAclubindia
