Long Term Capital Gain Tax Property Jointly Owned
This query is : Resolved
20 February 2021
Hi Friends,
Party A and Party B purchased a residential flat in July 2013 at 17.0 Lakh. Now, the same flat is sold for 25.0 Lakh in January 2021. Considering CII value of 220 in 2013-14 and 301 for 2020-21, the indexed Long Term Capital Gain for each Party is around 70,000. Since the gain is less than 1 Lakh for each, Will there be any Long Term Capital Gain Tax?
Party A and Party B purchased a residential flat in July 2013 at 17.0 Lakh. Now, the same flat is sold for 25.0 Lakh in January 2021. Considering CII value of 220 in 2013-14 and 301 for 2020-21, the indexed Long Term Capital Gain for each Party is around 70,000. Since the gain is less than 1 Lakh for each, Will there be any Long Term Capital Gain Tax?
21 February 2021
Yes, long-term capital gains tax applicable if the parties have taxable income.
One lac exemption available only on sale of shares.
One lac exemption available only on sale of shares.
21 February 2021
Party A is a salaried employee having taxable income. While Party B is a senior citizen house wife (filing income tax but income is quite less than taxable income)
21 February 2021
Party A has to pay 20% tax on his portion of capital gains. Party B no tax payable if income below taxable limit after adding capital gains.
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