Assets held in the name of spouse (value of assets more than 50 lakhs)

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  1. reddypraveenkumar

    reddypraveenkumar New Member

    Sir, The following case assesse having spouse income came from assets, held in the name of spouse (value of assets more than 50lakhs). In the above case whether assesse can show the assets in his return or spouse will shown assets in the her return . please clarify it.
  2. ZED

    ZED Well-Known Member

    The asset should be shown as asset by that person in whose name the asset is. If however the real owner of the asset is someone other than the one in whose name the asset is registered then that person (who is the real owner) should show the asset and this fact should be disclosed to the AO aswell.
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