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megha kenya (Querist)
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16 June 2017 co-owners (with specific shares in a house property) transfer the property. *Capital gain generated on the transaction is taxable in the hands of the co-owners as 'body of individual '* the above statement is false . so can anyone give explaination co-owners come under which category of person? what will b the taxability of capital gain?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 June 2017 The act provides that in case the share of each of the co-owners is clearly defined and is ascertainable, then, the respective share of each co-owner shall become taxable in their hand as an individual and not as a Body of Individual . so capital gain will be taxed based on their proportionate share of property