Clubbing of capital gains

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Ganesh (Querist)
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09 March 2020 Hello, I have a question

I sold a land gifted by my mother in law and I wanted to know if I club the LTgains as is (35 lakhs) with my mother in law income or after 54ec deduction which in my case LTCG taxable becomes 0. So there will be no income to club.

If the 35 lakhs is clubbed with my mother in law, will it be reported still as capital gains or income from other sources on my mother in law return

Where on itr2 do I show that the income reported and corresponding tds on 194a will be clubbed with my mother in law?

Thank you

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 March 2020 1. In my view, computation of capital gains is possible in the hands of the holder of the property. In this case capital gains will be computed in your hands and there will be 0 income to be clubbed.
2. The income of other person is included under the head- Income from Other Sources.
3. The TDS can be claimed by you.