Capital gain tax
This query is : Resolved
15 January 2016
An assesee purchase house in name of his wife and sold the same .
Now in whose hand capital gain will be charged and is there any condition to charge capital gain in hands of registered owner...?
16 January 2016
Income tax will be charged in the hand of assessee..
16 January 2016
But the real owner i.e., registered owner is wife of the assessee.
It means that the person who is the benefiary and funded the house will be liable to pay capital gain tax, am i right ....?
It means that the person who is the benefiary and funded the house will be liable to pay capital gain tax, am i right ....?
16 January 2016
Whether both of them are assessed to tax?
In whose return the house property has been considered or shown ?
In your case beneficiary is wife and funds have been invested by the husband. Please clarify whether the husband has shown the amount as loan given to wife.
In whose return the house property has been considered or shown ?
In your case beneficiary is wife and funds have been invested by the husband. Please clarify whether the husband has shown the amount as loan given to wife.
16 January 2016
No, assessee has not given any loan to his wife.The assessee has purchase property from his fund but just in the name of his wife.
16 January 2016
Still the query can not be resolved because the two important questions remained pending.
16 January 2016
The property is shown in the balance sheet of assessee as he purchase from his own fund but in the name of wife.
And the query is -:
In whose hand capital gain shall be taxable and accordingly to be shown in either of the return of income....?
18 January 2016
The asset is to be shown in the balance sheet of wife only as the same is purchased in her name. Since the husband has invested his own funds, resultant capital gains though will accrue in the name of wife will be clubbed with the income of husband u/s 64.
18 January 2016
As the property has already been shown in the Balance Sheet of husband, and the investment has been made by himself, ultimately he is liable to capital gains tax on sale of such property.
So , show the income from capital gains in the return of the husband.
.
So , show the income from capital gains in the return of the husband.
.
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