Capital Gain in case of sale of property in joint ownership

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When a jointly owned property is sold, each owner should declare their individual share of the sale consideration in their respective Income Tax Returns (ITRs). In this case, if the property was sold for INR 1 lac, both Mr. A and Mr. B should report INR 50,000 each in their own tax filings. This ensures accurate reporting of capital gains for each individual owner.

Shivansh Kumar

Shivansh Kumar (Querist)
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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.