LTCG of joint property owner
This query is : Resolved
Quick Summary
23 June 2022
In case of property sold by joint owners (brother & sister) - in the deed of sale which was registered a sum of Rs 21 lacs was paid to the sister and a sum of Rs 69 lacs was paid to the brother as per their understanding. The total sale value being Rs 90 lacs. The details of payment to each one of them by the buyer has been clearly stated in the deed as above. Banks records also show the same.
1) Will LTCG be calculated proportionately ?
2) In 26AS under details of SFT transactions (SFT-012 - sale of Immovale Property) the
amount shown is Rs 45 lacs - it is being shown 50% of total sale value for each. But this is not
true - do I still calculate the LTCG proportionately as actually received amounts of Rs 21 lacs and Rs 69 lacs?
1) Will LTCG be calculated proportionately ?
2) In 26AS under details of SFT transactions (SFT-012 - sale of Immovale Property) the
amount shown is Rs 45 lacs - it is being shown 50% of total sale value for each. But this is not
true - do I still calculate the LTCG proportionately as actually received amounts of Rs 21 lacs and Rs 69 lacs?
23 June 2022
In my opinion LTCG should be calculated on the basis of ownership i.e. 50-50% since the sale deed mentions only the payment made individually to both of them but it does not mention the proportion of ownership. In the absence of proportion of ownership specified, it is assumed to be 50% each and accordingly capital gains should be calculated irrespective of the payments received since the payment to be received is their mutual understanding and in any way the property is in the joint name.
08 July 2022
In what proportion/amount TDS was deducted from each seller?
08 July 2022
The LTCG will depend upon the share in the property by both parties.
The share must be written in the purchase deed when the brother and sister purchased the property or you can check the encumbrance certificate.
The share must be written in the purchase deed when the brother and sister purchased the property or you can check the encumbrance certificate.
09 July 2022
The property is inherited and there is no will or any document which says anything about the share in property between the brother and sister. In such a situation I believe it will be 50:50 between the two.
09 July 2022
Yes, that is correct..
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- RATE AND HSN CODE
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Sale of property held jointly with a non resident Indian
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- Taxability of Partnership firm for FY 2025-26
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
