A and B are husband and wife.
Both jointly own a property.
All the Emi's are deducted from B's bank account.
Initial contribution was also majority of B.
For first 2 years of property , B was earning so the benefit of interest was completely given to B in ITR , nothing to A.
Afterwards, B stopped earning but EMI deduction was happening from her account but amount was credited to her bank account by A for paying emi. The benefit of interest in ITR was given completely to A in those years. Nothing to B
After 5 years the property is sold.
Please let me know in whose ITR capital gains should be shown. Also in whose ITR benefit of interest till the date of sale to be shown?
Capital gain will depend upon in whose name the property is so if property is in name of both 50% then 50% gain in bith hands and accordingly the ratio will be as per agreement of purchase.
Secondly interest deduction benefit is available to that person from whose account the payment is made.
So calculate accordingly
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