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Expert Exchange Home: Direct Tax Ask a Question
AuthorQuestion Title
S N Trivedi
Varanasi
TREATMENT OF Purchase of Property in Joint Name

ONE OF THE CLIENT MR A HAS SOLD HIS LONG TERM LANDED PROPERTY FOR RS 75 LACS HE HAS PURCHASED
ANOTHER RESIDENTIAL BUILDING IN THE JOINT NAME OF HIS WIFE AND HIMSELF FOR RS 155 LACS, . BOTH OF
HUSBAND AND HIS WIFE ARE DOING BUSINESS SEPERATELY AND ARE ASSESSEE. CONSIDERATION OF PURCHASE HAS
BEEN MADE AS UNDER MR A SALE PROCEEDS OF RS 75 LACS HOUSING LOAN IN JOINT NAME OF MR A AND HIS WIFE
OF RS 68 LACS WIFE HAS CONTRIBUTED RS 12 LACS ONLY INSTALLMENT ARE BEING MADE BY THEM IN EQUAL
PROPORTION QUESTION IS WHETHER THEY CAN CLAIM INTEREST AND PRINCIPAL REPAYMENT EQUALLY WHETHER THEY
CAN SHOW I/2 SHARE OF PROPERTY ON ASSETS SIDE OF INDIVIDUAL BALANCE SHEET
Replies
CA Vikram Shankar Mathur
Ahmedabad, Gujarat, INDIA
Yes, they can show 1/2 portion of the property in their individual returns and computation of their
individual capacity can be done in that manner.


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