Tax within section 56 (2) vii

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  1. ManojKumarjain

    ManojKumarjain New Member

    Hi ,

    I have purchased a flat at 43.65 L and paid stamp duty on 55.35 L , this is registered on Me and my wife name.

    I know difference between 55.35-43.65 L will be treated as HUF "Other Source Of Income".
    Can i show entire amount in my wife Books she is simply house wife.

    We had spent 3.3 L on renovation of the flat and paid 3.87 L as stamp duty can this money make Income lessen?
     
    ManojKumarjain, Feb 23, 2014
    #1
  2. Neha Sharma

    Neha Sharma Active Member

    Not sure, but I think you cant show this income wholly in the name of your wife

    This should be distributed in the ratio in which the property has been purchased..
     
    Neha Sharma, Feb 23, 2014
    #2
  3. ManojKumarjain

    ManojKumarjain New Member

    Well , At the time of registry there is no ratio mentioned. This property is so called registered at My name and my wife name. I guess the ratio can be distributed as per choice there is no hard and fast rule.
     
    ManojKumarjain, Feb 24, 2014
    #3
  4. Neha Sharma

    Neha Sharma Active Member

    If the ratio has not been stated, it would mean that both of you have equal share i.e 50-50
     
    Neha Sharma, Feb 24, 2014
    #4
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