Capital Gain in case of sale of property in joint ownership
This query is : Resolved
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Shivansh Kumar
(Querist)
17 October 2020
Hi,
Mr. A and B jointly owned a property which they sold for INR 1 lacs. While filing their respective ITRs, will Mr. A and Mr. B in each of their returns show sale value of consideration as INR 50,000 or INR 1 lacs? I don't think there is a section of % share in the property of the seller, hence, there is some confusion.
Thanks in advance.
Mr. A and B jointly owned a property which they sold for INR 1 lacs. While filing their respective ITRs, will Mr. A and Mr. B in each of their returns show sale value of consideration as INR 50,000 or INR 1 lacs? I don't think there is a section of % share in the property of the seller, hence, there is some confusion.
Thanks in advance.
CA R SEETHARAMAN
(Expert)
17 October 2020
Show 50000 in each ITR.
Shivansh Kumar
(Querist)
20 October 2020
Thanks for clarifying.
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