HELLO FRIENDS, MY CLIENT HAS PURCHASED A LAND IN THE NAME OF HIS WIFE AT THAT TIME WIFE DOES NOT FILE ANY INCOME TAX RETURN.
NOW THE LAND HAS SOLD AND CAPITAL GAIN ARISES.
BUT NOW WIFE ALSO FILES THE NIL RETURN OF TUITION INCOME FOR LAST 2 YEARS.
NOW PLS. TELL ME CAPITAL GAIN IS TO BE SHOWN IN HUSBAND RETURN OR WIFE RETURN.
PLS. HELP ME.
Land is in wife name so wife should show this CG in their return.
WHETHER CLUBBING OF INCOME APPLIES OR NOT.
yes clubbing provision apply because clients buy a property in his wife name with your own money.
According to me, clubbing provisions does not apply to this case. since the asset has not been transferred to wife by her husband. Initially it was purchased in wife`s name. and therefore wife only will be taxable in respect of capital gain earned.
ANY MORE REPLIES.
PLS. HELP ME.
CAclubindia
