I sold a property and transferred 7L to my wife from proceeds of sale of property.
I have paid capital gains on sale
my question is will that 7L be taxed in the hands of my wife
if yes, how and under which head.
she is a salaried employee
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 23 February 2021
It will be clubbed with your income
Josh
(Manager)
(124 Points)
Replied 23 February 2021
If you have paid applicable capital gain tax on entire sale consideration (including 7 lakh transferred to your wife), there would be no further tax.
Kapadia Pravin
(17259 Points)
Replied 24 February 2021
Income generated from 7 lakhs will be clubbed in your income every year for life time.
7 lakhs is your income which you just transferred to your wife. capital gain will be taxed in your hands
7 lakhs is your income which you just transferred to your wife. capital gain will be taxed in your hands
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