16 February 2011
I have purchased a flat in 2000 by taking a part of the house purchase cost as interest-free loan from my wife.
After my retirement in 2010 I sold the property & purchased another flat in my wife's name. I have paid capital gain tax on the original property. The cost paid by me(towards the new property) is being treated as interest-free loan to my wife.
The loans have been taken in writing (as simple declarations on plain papers). My wife has filed "Nil Tax" in her ITR for the year in which she purchased the (new) apartment/flat. Have we violated any IT Rule. What will be the tax implications?
CAclubindia
