15 September 2016
purchase plot in 2001 at rs 225000 sale in 2016 st rs 15 lacs and plot jointly owned with wife .already owned a house but no house in wife names than how capital gain tax will be charged and how investment provision will apply for claming capital gain exemption
16 September 2016
It would be Long term capital gain - Taxable in the hands of both as per share. Tax Exemption U/S 54 allowed, even if new house purchased in joint name.
For further clarification, you may write us to info@wealth4india.com or Logon to www.wealth4india.com - (Online Tax Studio & Start-up Gateway)
16 September 2016
This frequently happens, to be on safer side , couple buys property or plot jointly , I presume that, your wife and co owner of said asset -plot ( year 2001 for Rs.2,25,000) was NOT an IT assesse, so verification of source of income as equal contribution towards PURCHASE of that plot can not be proved by both of you now, a issue of LTCG ( for that matter STCG)of a CO-OWNED property is NOT like FD.....in which,first holder is liable to pay taxes. hence, here both of you have to PAY LTCG equally...as owning of a house( in name of either of the two) has nothing to do on LTCG computation to be arrived in this matter.
CAclubindia
