Capital gain tax in case of joint owners of a property
This query is : Resolved
04 June 2013
If two people, A and B, get a property registered under both of their names but A makes the entire payment for that property from his bank account and B promises to pay him his part of the money later on. However, later on B backs out and refuses to make his part of the payment. If A later on sells the property, then what will be the status of B? Will he be liable to pay any capital gain tax or only A will be liable to pay the capital gain tax? Kindly mention the case law in regard with this query, if any.
04 June 2013
status of B is decided as per registered conveyance deed.
both A & B will be entitled to equal share in sale proceeds and capital gain tax worked out accordingly.
thanks!!
both A & B will be entitled to equal share in sale proceeds and capital gain tax worked out accordingly.
thanks!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Last year TDS Claim
- RNOR Status but Investments more than Income
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
