How to calculate capital gain tax

15 March 2019
There is one property which were divided into three portions , one portion is of My wife and his brother, this portion they got after the death of her mother around 5 years back , her mother get this property from her mother in law so many years back .

Now the property was sold last year and sell money were devided in to three owners .

To sell the portion alloted to my wife and his brother, My wife gave power of attorney to his brother to sell and use the money recive, however the money received(1/3 of total property sell amount) to my wife and his brother in equal amount in there respective bank accounts , my wife transfered that amount to his brother's bank account as she dont want any money from this property(she already gave power of attorney to his brother to sell and use the money received) .HIs brother purchased a new house from this money.

Now i want to know is there any capital gain tax need to pay by my wife and if yes how to calculate the tax amount.

Also i and my wife has a joint homeloan can my wife claim pre emi's loan interests in her ITR however all the emi's paid through my bank account.

CA Mohit Bansal (Expert)
15 March 2019
1. Apparently there seem to be capital gain tax payable in your spouse ITR. Exact working can be worked out by your consultant after discussion
2. Yes if your wife is coowner and coborrower then both of the owner can claim deduction of interest paid on housing loan irrespective of the fact that emi is being paid from one of owner's bank account

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