Hi
My Client & his wife have purchased a JOINT Property, registered in Joint name, which has been paid completely by my Client himself. Subsequently The Property was sold and the whole consideration was received by my client and he has paid tax accordingly.
Now the Dept has issued notice asking the client's wife to pay HER share of tax. Kindly inform me how to proceed?
Regards
| Originally posted by : E Narasimhan | ||
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Hi My Client & his wife have purchased a JOINT Property, registered in Joint name, which has been paid completely by my Client himself. Subsequently The Property was sold and the whole consideration was received by my client and he has paid tax accordingly. Now the Dept has issued notice asking the client's wife to pay HER share of tax. Kindly inform me how to proceed? Regards |
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refer to the cost of aquisition paid by wife in the previous years, if the cost is paid by her self income, then she has to pay tax accordingly,
to save the situation, make a gift of the land to husband on the date prior to sale,
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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