Property bought with funds from joint account
This query is : Resolved
17 September 2012
A and B have a joint saving account.
Always B deposits funds in the account.
A buys a property in sole ownership by issuing checks from the joint account.
1) Is there any tax liability on A at this point ?
2) In future, this property is sold with some capital gain. Do both OR only A has to declare this gain ?
Always B deposits funds in the account.
A buys a property in sole ownership by issuing checks from the joint account.
1) Is there any tax liability on A at this point ?
2) In future, this property is sold with some capital gain. Do both OR only A has to declare this gain ?
CA VISHNU GAVKARE
(Expert)
18 September 2012
You have to see the agreement between them. If b gives money forever it shall be treated as transfer of income and consequently shall be taxable in hands of A.(is A and B are not relatives). If b gives on returnable basis(loan) then it shall not b taxable in the hands of b.
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