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Capital Gain on sale of shares

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(Querist)
04 January 2011 Mr A & Mrs A were holding 1000 shares @ cost of Rs. 1 lakh, in a pvt ltd co., in joint capacity where Mr A was the 1st holder. In this case Mr A made whole of the investment in the year 2002. Mrs A is a housewife and does not have any income in any of the year.
In Dec 2010 Mr A sold whole 1000 shares for Rs. 30 lakhs. My query is
1)Can the capital gain arising from sale of these shares be divided among Mr A & Mrs A equally?
&
2)If not then why?
a)Is it because Mr A has invested wholly and Mrs A doesn't have any income?
OR
b)Is it because the investment was made jointly & Mr A is the 1st holder?

Please mention the provisions or citations.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
04 January 2011 It will be Mr. A only as Mrs. A name is for name sake only and entire investment is made by Mr. A.
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Ashwitha Rai

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Ashwitha Rai (Querist)
05 January 2011 Thank you sir, but if it was a gift receipt, then is there a possibility to divide the capital gain between Mr.A and Mrs A?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
05 January 2011 Where did the gift come from? Not there in the query.

As it is if share is gifted to wife then clubbing provisions apply.

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