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Clubbing provisions

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 November 2013 IF A RESIDENTIAL HOUSE IS SOLD AND WITH THAT AMOUNT NEW RESIDENTAIL HOUSE IS TO BE PURCHASED.CAN IT BE PURCHASED IN WIFE'S NAME..?? IF YES,THEN RENTAL INCOME GENERATED FROM THAT PROPERTY IS TAXABLE IN WHOSE HANDS..??? AND FURTHER IF THAT HOUSE IS SOLD THEN IN WHOSE HANDS CAPITAL GAIN WILL BE TAXABLE>...??//
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 November 2013 yes it can be purchased in wife's name.
However, the rental income shall be clubbed in the hands of the husband and same shall be the treatment of capital gains.


However in case you are not buying the new residential house for exempting capital gains under section 54, it would be advisable to give your wife a loan to buy the house. This shall take care of clubbing provision.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
15 November 2013 Agree with Nikhil Bhai...

But its better to buy it in your own name then gift it to your wife...
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