Dear Mr Monga
In this case it is absolutely clear that the 100% ownership is with husband as he has contributed towrads the cost of property. But I am surprised how the chartered accountanat can approve or dissacprove any rent receipt.
The Husband by a declaration can state that 50% ownership of the property belongs to wife and he has contributed on her behalf. In such case the 50% contribution made by husband will be deemed to be gift by husband to the wife. However, by virtue of clubbing provisions, any income arising to wife due to renting or transfer from such house shall be clubbed with the income of husband and taxed in his hand.