Ltcg on sale of joint property - taxable on either/both???
This query is : Resolved
30 July 2012
During last financial year a property standing in joint names of husband and wife was sold and the total sale consideration was realised in the bank account of the husband. Kindly clarify if either of the assessees invests in property above the value of sale consideration or each should show investment separately in their individual capacity.
Thanking you in advance.
regards,
Venkatesh N
Thanking you in advance.
regards,
Venkatesh N
30 July 2012
If the sources of income is relating to both to acquire the property then the sale consideration is also related to both at the investment ratio at the time of purchase. Otherwise whose sources of income met to acquire the property those only consider the total sale of consideration.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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