I have purchased property 100% from my funds but added name of my wife for convenience without specifying any percentage. This property is self occupied and annual value is nil. As per rules, any income received from this property would be taxble in my hands as my wife has not contributed to purchase of property. In the returns it is mentioned to include income of those whose income is clubbed under each head. As 100% of the income is taxed in my hand do I still have to show my wife as co owner. No percentage of share is specified.
If I sell this property again the capital gain tax is 100% in my hands. If I have to claim u/s 54 for reinvestment (again I would add her name in property) do I file in my own returns or do I have to file 50% in her name and 50 % in my name. Logically 100% is to be taxed in my hands. if in case no reinvestment is done and 20% tax is offered on the LTCG, do I have to pay 100% of it and how much should I show as the income of my wife that has been clubbed in the section for income of specified persons when there is no percentage mentioned?
If in case buyer has to do TDS in both names, what percentage will he have to do in my wife's name if full income is taxed in my hand. Can I get credit of tax if 100% is taxed in my hand but part of tds is made on a/c of my wife