Capital gain
This query is : Resolved
S DASGUPTA
(Querist)
04 July 2016
I have few points as given below reg clubbing of income :
1) I purchased a flat in 2009 from my tax paid income & registered in my wife's name only. The flat was sold in 2015 & the cost was deposited to my wife's bank a/c. Now I understand that the capital gain arising from the sale of above flat will be clubbed to my taxable income. Hence this capital gain amount has been invested in REC-54EC Bond in my name & accordingly my ITR form has been filled for this year. Is clubbing of income now processed by me as per rule?
2). Whether above capital gain should also be shown in ITR form of my wife & shall be taxed again? If not, whether this capital gain can be shown as exempt income as I have already invested in my name thru REC-54EC bond.
Regards
S DASGUPTA
1) I purchased a flat in 2009 from my tax paid income & registered in my wife's name only. The flat was sold in 2015 & the cost was deposited to my wife's bank a/c. Now I understand that the capital gain arising from the sale of above flat will be clubbed to my taxable income. Hence this capital gain amount has been invested in REC-54EC Bond in my name & accordingly my ITR form has been filled for this year. Is clubbing of income now processed by me as per rule?
2). Whether above capital gain should also be shown in ITR form of my wife & shall be taxed again? If not, whether this capital gain can be shown as exempt income as I have already invested in my name thru REC-54EC bond.
Regards
S DASGUPTA
Amol S Joglekar
(Expert)
04 July 2016
show capital gain with exemption for REC bond, in your return.
Once you show it in your return. no need to show anything in your wife's return
Once you show it in your return. no need to show anything in your wife's return
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