...I have bought a residential flat in equal joint name of me and my wife (50-50%) of total value around 51.5 lakh including registration charges and stamp duty, which was booked in year 2010 but registration done this year 2016, but most of payment i.e. 50.5 lakh has been done from my bank account and only Rs. One lakh from my wife account. I am showing Rs. 50.5 Lakh payment in my IT return and Rs. One lakh in my wife return, but we both are equal owners (50-50) in registration done this year. Please advice in this matter, whether i can show 50.5 Lakh payment done by me in my IT return and Rs.One Lakh in wife's IT return, as only One lakh was paid from her bank account, even while she is 50% owner. Secondly We had booked the above flat in year 2010 at a total value of Rs.45 lakhs vide booking agreement and advance cheque payment, but the registration done this year 2016, of the flat was done as per present circle rate at a total amount of Rs.68 lakhs and stamp duty taken on this amount. Since the circle rate when we had booked the flat in 2010 was 45lakh only. Please tell how to deal with this situation as there is huge difference between booking rate @ 45Lakh and registration rate @ 68lakhs, and what to show in my IT return.
Jun. 08, 2018