Long term capital gain on selling of house property

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This discussion addresses the long-term capital gains (LTCG) tax implications when selling a house purchased jointly by a couple. Both individuals are considered co-owners, and the capital gain should technically be declared under both PANs. Unless a different ownership ratio is specified in the purchase agreement, the capital gain is typically divided equally between the owners.

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(Querist)
02 May 2024 sir
I was purchased a house in 2011 with my savings and housing loan. The was purchased on jointly me and wife name. In dec 2023 I was sold this house and 1% TDS was deposited in both of ours PAN account. Now I want to know that long-term capital gain will arise only on me or both of us.
thanks
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 May 2024 Technically, you both are co-owners of the HP, hence better to declare it under both PAN.
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Neeraj Varshnay

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Neeraj Varshnay (Querist)
02 May 2024 sir
how ltcg be shared whether 50:50 ratio or in other ratios
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 May 2024 Unless it is specifically mentioned in agreement, divide it equally. Check the TDS certificate issued by purchaser for reconciliation.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 September 2024 Good Luck.
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