Capital gain tax in case of joint owners of a property
This query is : Resolved
CA.AZAD JAIN
(Querist)
04 June 2013
If two people, A and B, get a property registered under both of their names but A makes the entire payment for that property from his bank account and B promises to pay him his part of the money later on. However, later on B backs out and refuses to make his part of the payment. If A later on sells the property, then what will be the status of B? Will he be liable to pay any capital gain tax or only A will be liable to pay the capital gain tax? Kindly mention the case law in regard with this query, if any.
04 June 2013
status of B is decided as per registered conveyance deed.
both A & B will be entitled to equal share in sale proceeds and capital gain tax worked out accordingly.
thanks!!
both A & B will be entitled to equal share in sale proceeds and capital gain tax worked out accordingly.
thanks!!
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