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Can I Include My Wife's Contribution in the Balance Sheet for Our New Rs. 50 Lakh House?

T S Khurana

T S Khurana   |536 Answers  |Ask -

Tax Expert - Answered on Sep 21, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Asked by Anonymous - Sep 18, 2024Hindi
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sir, t assessess purchase of new house property worth rs:50 lacs registration for wife name. Assessess contributed amount rs:40 lacs Assessess wife contributed amount rs:10 lacs Question: Purchase of house property value show in balance sheet for both persons

Ans: 01. It would have been better for you to have property registered in the joint name of both of you. In such a case, you might have disclosed the fact in balance sheet of both persons.
02. In the present case, it would be in the fitness of things to treat your investment as Gift or Loan to wife and disclose this fact in balance sheet of both of you.
Most welcome for any further clarifications. Thanks.
DISCLAIMER: The answer provided by rediffGURUS is for informational and general awareness purposes only. It is not a substitute for professional medical diagnosis or treatment.
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Plot of Land Ballia,UP. Purchase year-1990 in two instalments Purchase price-Rs 42,000 (35000+7000) Stamp Duty Valuation-Rs. 73,000(Rs.9000+Rs.64000) Advance taken in 2019 -Rs. 15 lakh without any documentation in joint SBI Bank Account of father and mother, both sr citizen father being first holder. Father expired in 2020. Sale to different person on August 11 2023 for Rs 20 lakh received in HDFC Bank joint account of mother and son,mother first holder . Rs. 15 lakh transferred through RTGS to the person who gave advance and Rs.3 lakh as interest claimed by him transferred through IMPS and Phone Pe to a different person whom the first person owed money, at the request of the creditor and debtor. Stamp Duty Valuation of Land in August 2023- 39 lakh. The total Yearly Income of the mother, sr citizen, is Rs. 12000 as pension (Rs. 1000 per month). She has not filed any previous ITR. Tax implication and tax planning for both buyer and seller and response to following specific queries- • In ITR, there are 3 rows. One is for sale consideration,2nd one is for stamp duty valuation and 3rd one which automatically takes higher of these two as sale consideration under section 50C. So here If I put actual sale consideration in both rows, will it amount to false declaration ? Consequences for this because if I give stamp value, then automatically IT system will pick up the higher stamp value and calculate tax accordingly. What to do then? • Who will bear the tax burden? First Account holder or 2nd Account Holder or both or any clubbing provision? • Sr. Citizen Mother has only Rs 1000(one thousand) per month family pension as income and does not file ITR. If she does not pay any tax at all, what are the chances of detailed scrutiny and consequences? • If mother happens to be assesse, does she need to pay any advance tax or file ITR? • How to get Fair Market Value (FMV) and circle rate of Land as on 01.04.2001 for calculating Indexed cost of Acquisition in 2023-24. • How to get FMV on date of agreement/date of sale? • If assesse declares certain FMV in ITR both on 01.04.2001 as well as on date of sale i.e. 11.08.2023, is supporting documentation required at any stage or mere declaration will suffice? Steps to be taken by IT in this regard? • What can be the maximum Tax Liability and maximum date of depositing this tax/ITR and steps to mitigate this tax liability/payment?
Ans: Query require detailed discussion face to face. Please check with tax consultant.

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Career Counsellor - Answered on Dec 14, 2025

Asked by Anonymous - Dec 12, 2025Hindi
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Hello, I am currently in Class 12 and preparing for JEE. I have not yet completed even 50% of the syllabus properly, but I aim to score around '110' marks. Could you suggest an effective strategy to achieve this? I know the target is relatively low, but I have category reservation, so it should be sufficient.
Ans: With category reservation (SC/ST/OBC), a score of 110 marks is absolutely achievable and realistic. Based on 2025 data, SC candidates qualified with approximately 60-65 percentile, and ST candidates with 45-55 percentile. Your target requires scoring just 37-40% marks, which is significantly lower than general category standards. This gives you a genuine advantage. Immediate Action Plan (December 2025 - January 2026): 4-5 Weeks. Week 1-2: High-Weightage Chapter Focus. Stop trying to complete the entire syllabus. Instead, focus exclusively on high-scoring chapters that carry maximum weightage: Physics (Modern Physics, Current Electricity, Work-Power-Energy, Rotation, Magnetism), Chemistry (Chemical Bonding, Thermodynamics, Coordination Compounds, Electrochemistry), and Maths (Integration, Differentiation, Vectors, 3D Geometry, Probability). These chapters alone can yield 80-100+ marks if practiced properly. Ignore topics you haven't studied yet. Week 2-3: Previous Year Questions (PYQs). Solve JEE Main PYQs from the last 10 years (2015-2025) for chapters you're studying. PYQs reveal question patterns and difficulty levels. Focus on understanding why answers are correct, not memorizing solutions. Week 3-4: Mock Tests & Error Analysis. Take 2-3 full-length mock tests weekly under timed conditions. This is crucial because mock tests build exam confidence, reveal time management weaknesses, and error analysis prevents repeated mistakes. Maintain an error notebook documenting every mistake—this becomes your revision guide. Week 4-5: Revision & Formula Consolidation. Create concise formula sheets for each subject. Spend 30 minutes daily reviewing formulas and key concepts. Avoid learning new topics entirely at this stage. Study Schedule (Daily): 7-8 Hours. Morning (5:00-7:30 AM): Physics concepts + 30 PYQs. Break (7:30-8:30 AM): Breakfast & rest. Mid-morning (8:30-11:00): Chemistry concepts + 20 PYQs. Lunch (11:00-1:00 PM): Full break. Afternoon (1:00-3:30 PM): Maths concepts + 30 PYQs. Evening (3:30-5:00 PM): Mock test or error review. Night (7:00-9:00 PM): Formula revision & weak area focus. Strategic Approach for 110 Marks: Attempt only confident questions and avoid negative marking by skipping difficult questions. Do easy questions first—in the exam, attempt all basic-level questions before attempting medium or hard ones. Focus on quality over quantity as 30 well-practiced questions beat 100 random questions. Master NCERT concepts as most JEE questions test NCERT concepts applied smartly. April 2026 Session Advantage. If January doesn't deliver desired results, April gives you a second chance with 3+ months to prepare. Use January as a practice attempt to identify weak areas, then focus intensively on those in February-March. Realistic Timeline: January 2026 target is 95-110 marks (achievable with focused 50% syllabus), while April 2026 target is 120-130 marks (with complete syllabus + experience). Your reservation benefit means you need only approximately 90-105 marks to qualify and secure admission to quality engineering colleges. Stop comparing yourself to general category cutoffs. Most Importantly: Consistency beats perfection. Study 6 focused hours daily rather than 12 distracted hours. Your 110-mark target is realistic—execute this plan with discipline. All the BEST for Your JEE 2026!

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Dr Dipankar

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Tech Careers and Skill Development Expert - Answered on Dec 13, 2025

Asked by Anonymous - Dec 12, 2025
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Dear Sir/Madam, I am currently a 1st year UG student studying engineering in Sairam Engineering College, But there the lack of exposure and strict academics feels so rigid and I don't like it that. It's like they don't gaf about skills but just wants us to memorize things and score a good CGPA, the only skill they want is you to memorize things and pass, there's even special class for students who don't perform well in academics and it is compulsory for them to attend or else the student and his/her parents needs to face authorities who lashes out. My question is when did engineering became something that requires good academics instead of actual learning and skill set. In sairam they provides us a coding platform in which we need to gain the required points for each semester which is ridiculous cuz most of the students here just look at the solution to code instead of actual debugging. I am passionate about engineering so I want to learn and experiment things instead of just memorizing, so I actually consider dropping out and I want to give jee a try and maybe viteee , srmjeee But i heard some people say SRM may provide exposure but not that good in placements. I may not be excellent at studies but my marks are decent. So gimme some insights about SRM and recommend me other colleges/universities which are good at exposure
Ans: First — your frustration is valid

What you are experiencing at Sairam is not engineering, it is rote-based credential production.

“When did engineering become memorizing instead of learning?”

Sadly, this shift happened decades ago in most Tier-3 private colleges in India.

About “coding platforms & points” – your observation is sharp

You are absolutely right:

Mandatory coding points → students copy solutions

Copying ≠ learning

Debugging & thinking are missing

This is pseudo-skill education — it looks modern but produces shallow engineers.

The fact that you noticed this in 1st year already puts you ahead of 80% students.

Should you DROP OUT and prepare for JEE / VITEEE / SRMJEEE?

Although VIT/SRM is better than Sairam Engineering College, but you may face the same problem. You will not face this type of problem only in some top IITs, but getting seat in those IITs will be difficult.
Instead of dropping immediately, consider:

???? Strategy:

Stay enrolled (degree security)

Reduce emotional investment in college rules

Use:

GitHub

Open-source projects

Hackathons

Internships (remote)

Hardware / software self-projects

This way:

College = formality

Learning = self-driven

Risk = minimal

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