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dasd (student)     29 November 2010

269SS

I faced a problen in one of the case;
suppose if plot of value 2 lac for which advance was given by me & my spouse jointly (30:70) but after when i applied fr registry society said that such property can be registered only in one person's name now how i transfer that 30% in my spouse a/c's. both of us b/s in 07-08 shows such proportion & now in 09-10 registry only in my spouse name now whether spouse can pay me those 30% in cash /bank or if paid in cash 269ss or 269t attracted on such loans or not b/c it is for plot

OR

my spouse had also given me a loan  in 1999 (cheque) bal o/s =2.5 lac whether i can set  off loan pymt with this 30%

by passing JE  LOan dr   advance against propert Cr

pls reply its v urgent thanks in advance


 



Learning

 4 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     30 November 2010

Mr. Dasd,

Can u eloborate abreviated words in your submission to understand us clearly.

Anil Kr Garg (Business)     30 November 2010

You don't need to change nature of the transaction. Even if property is registered in one name, it can be considered as the property of both of you who have made the payment and shown the same in respective B/S. It is beneficial holding that is relevant in tax laws. Of course, under Transfer of Property Act, the property will be deemed to belong to the person in whose name it is registered.

Therefore, you can have the property registered in the name of your wife (that seems to be your preference anyway as you have given her 70% share already) while continuing to pay 30% of the cost yourself and 70% from your wife's a/c.

dasd (student)     30 November 2010

THANK U SIR FOR GIVING QUICK REPLY

BUT IF I SHOW IN BOTH HANDS (70:30) THEN AT TIME OF SALE CAPITAL GAIN WILL ARISE IN HANDS OF THE PERSON IN WHOSE NAME THE PROPERTY IS REGISTERED.

I WANT TO ASK U THT IF I SHOW MY 30% PORTION [SHOWN IN MY BALANCE SHEET AS ADVANCE AGAINST PROPERTY] AS LOAN REPYMT TO MY WIFE WHETHER IT ATTRACTS 269ss B/C IT IS ONLY  A BOOK  ADJUSTMENT & NOT ACTUAL LOAN REPAYMENTT IN CASH

dr     LOAN A/C OF WIFE

CR    ADVANCE AGAINST PROPERTY

dasd (student)     01 December 2010

Originally posted by :ramachary
"
Mr. Dasd,

Can u eloborate abreviated words in your submission to understand us clearly.

"sir  i have sent the whole query through personal message .pls reply


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