11 February 2018
DO CLUBBING PROVISIONS APPLY IN THE CASE OF LONG TERM GAINS FROM IMMOVEABLE PROPERTY?
An immoveable property was purchased by A (husband) on April 1, 1999, for Rs. 5 lakh and was gifted to his wife B on October1, 2010..The gifted property was sold by B (wife) on April 1, 2017 for Rs. 55 lakh. The long term capital gain on this property after indexation amounted to Rs. 30 lakh. Please advice who will charged to tax whether A (husband) or B (wife) on such long term Capital gain of Rs. 30 lakh
CAclubindia
