Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2016 Can spouse be joint owner of a property without having her own source of income. If yes what will be the tax implication of selling the property in the hand of spouse.

Please suggest and thanks in advance.

CA Suresh Jain

CA Suresh Jain (Expert)
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07 December 2016 There is no restriction of spouse being a co-owner without having a source of Income but the spouse should have a source of money paid for acquisition of property. Assuming the source is gift from the spouse, if so, then the capital gain shall be clubbed in the income of the spouse gifting the amount