Joint Owner Tips for Property: Everyone dreams of having their own house, but in this era of inflation, buying a house is very difficult. Many people also take loans to buy their dream house, but doing so becomes a problem for them. At the same time, some people buy a house and get it registered in their partner’s name. In this, men get the property registered in the name of their female partner. By doing this, savings were made. But now doing this can become a problem for you. You can get an income tax notice due to a small mistake of yours. Recently, a case has come up, knowing which you will be stunned.
Let us tell you that a similar case has come up from the Bombay High Court. On August 4, 2025, the Income Tax has accused the woman’s partner of tax evasion. The allegation is that her husband had made her the joint owner of a property worth Rs 6.75 crore in Mumbai. The husband had made her the owner only for convenience, but he paid the entire amount of Rs 6.75 crore.
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What did the wife say
When the court checked the papers, it was found that the husband’s bank statement and property were in the real owner as per the papers. In such a situation, the wife said that she should not be sent a notice for tax evasion. But the income tax officer ignored her words and sent her a notice. After this, the court gave relief to the wife, but sent a notice to the husband, which will now be heard.
The court put forth its point
The judge of the court said that when we see all the documents, we understand why the income tax officer has made a decision on this. The wife has zero income in this transaction, but taxes have been saved by doing this. The wife had clearly said that the income that year was Rs 4,36,850 and she had no contribution in buying the property. All the money has been paid by the husband.
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How to avoid such a case?
According to media reports, Chartered Accountant (Dr.) Suresh Surana said that when there is a joint share in the property, most of the time, the question arises that every joint shareholder should take some precautions to avoid tax-related notices.
It must be remembered that while purchasing the property, every co-owner should contribute financially. Apart from this, the purchase percentage of the owner’s ownership should also be included. If only one person pays the full price, then it will be recorded.
Apart from this, the record of all transactions related to the purchase of property, such as bank transfer, loan agreement, and payment receipt, should be correct. Using this record, the source of money gets legitimacy.
Along with this, while filing ITR, also take care to give correct information related to the property, if a co-owner has been added only for convenience, and he has not made any kind of contribution. Then the tax officials must be told about this. This reduces the possibility of tax being levied.