Sale of flat

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Sat (Querist)
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07 December 2012 I and my wife jointly owned a flat which we have now sold. All payments were made from joint account and loan were obtained jointly. We have shown the ownership as in AY FY13 returns 75:25 in my favour. The sale proceeds have been received 75% into joint account and 25% into sole account of my wife. I am planning to show capital gains in the ratio of 75:25.

Please advise if this is in order. Do I need to create any documentation for the ownership share? My wife is housewife though she has been filing IT returns for rent and other income since last 3/4 years.

@VaibhavJ

@VaibhavJ (Expert)
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08 December 2012 Hi

How can you prove ownership was in ratio of 75:25.

To prove you need to show banking transaction from each individuals a/c in same ratio.

Also it wud have been great help if same wud have been mentioned in purchase agreement.

Thanks//Vaibhav
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Sat

Sat (Querist)
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05 March 2013 Thanks Vaibhav for your guidance. However, given the facts of the matter, do you suggest we show the income split 100% in my name or 50:50 between me and my wife as you do not like the idea of 75:25?

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