LTCG on gifted residential property to Wife
This query is : Resolved
28 March 2021
50% share of a residential property was gifted to wife by the husband. The deed specifically states that he has transferred 50% of his share as a gift to his wife. The property was subsequently sold.
(1) Will the LTCG be computed with respect to 50% share each in the hands of both
(2) LTCG is computed separately for each of their shares - can each of them claim exemption u/s54 in case new property purchased by them jointly
(3) Can each of them invest in capital gains scheme FD claim exemption
(4) There is a provision under Sec. 27 and sec 64 of cubbing of income how it will have impact on the above transaction.
(1) Will the LTCG be computed with respect to 50% share each in the hands of both
(2) LTCG is computed separately for each of their shares - can each of them claim exemption u/s54 in case new property purchased by them jointly
(3) Can each of them invest in capital gains scheme FD claim exemption
(4) There is a provision under Sec. 27 and sec 64 of cubbing of income how it will have impact on the above transaction.
28 March 2021
Capital gains exemption can be claimed by both.
In case capital gains tax payable clubbing provisions applicable and entire capital gains will be taxable in the hands of husband.
In case capital gains tax payable clubbing provisions applicable and entire capital gains will be taxable in the hands of husband.
Message likes :
2 times
29 March 2021
Capital Gain will be clubbed in the hands of Husband. So Husband will have to full eemption of Capital Gain by making adequate investments himself.
Message likes :
1 times
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- TDS related Query_Liquidated Damages
- Specified Profession
- REGARDING GST LIABILITY/....
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
