One of my client purchased flat in F.Y. 2004-05, which was co-owned by her wife. When he sold that flat, whole amount was credited in his account only, So now whether the whole amount of gain will be taxed in his account or only half of it?
RAHIL (ACCOUNTANCY) (247 Points)
20 January 2016One of my client purchased flat in F.Y. 2004-05, which was co-owned by her wife. When he sold that flat, whole amount was credited in his account only, So now whether the whole amount of gain will be taxed in his account or only half of it?
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 20 January 2016
Capital gain shall be taxable proportionately to both husband and wife irrespective of the fact that the proceeds are credited to husband's account.
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