269SS

Mr. Dasd,

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

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.

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