Capital gains
This query is : Resolved
12 June 2014
sir, i want to know the what will be the cost of acuqisition, sale consideration and how to take refund of tds deducted of wife on transfer of residential flat which is on joint ownership of both husband and wife.wife has no other source of income.tds is dedcuted both of husband and wife separately. its long term capital asset. give urs suggestions
Nikhil Kaushik
(Expert)
13 June 2014
assuming that wife contributed nothing to purchase of this property, nothing will accrue to the wife. the whole of capital gains will be taxed in husband's name
13 June 2014
sir , but how to take refund of tds which is deducted in name of wife?
Nikhil Kaushik
(Expert)
13 June 2014
you will file the tax return with any other income...in case there is no other income, you file nil return and claim refund for the tax deducted.
chances are that AO may question you. in such a case, you shall have to provide details of income offered to tax in husband's tax return.
chances are that AO may question you. in such a case, you shall have to provide details of income offered to tax in husband's tax return.
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Nikhil Kaushik
(Expert)
13 June 2014
you will file the tax return with any other income...in case there is no other income, you file nil return and claim refund for the tax deducted.
chances are that AO may question you. in such a case, you shall have to provide details of income offered to tax in husband's tax return.
chances are that AO may question you. in such a case, you shall have to provide details of income offered to tax in husband's tax return.
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