capital gains tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2010
Hi
My husband recently sold a property worth 28lacs and reinvested in a new home.
The new home is worth 85lakhs. Now the new home is a joint ownership between him and me. we both have taken a loan too to pay the remaining part of the money. Can my husband be exempt from capital gain tax because it is a joint property.
My husband recently sold a property worth 28lacs and reinvested in a new home.
The new home is worth 85lakhs. Now the new home is a joint ownership between him and me. we both have taken a loan too to pay the remaining part of the money. Can my husband be exempt from capital gain tax because it is a joint property.
19 June 2010
Your husband has got 50% share in the new property which is work Rs.42.5 lakhs. Since his old property is sold for 28 lacs the entire capital gains is exempt from tax. However you will be asked to show the source of funds for the balance of investment by your husband and yourself. You have not mentioned whether both of you are assessed to income and filing your incometax returns. In case of you are not maintaining books of account, you have to file a cash flow statement.
CA G. SURYANARAYANAN
CA G. SURYANARAYANAN
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
