Query on sale proceed for joint owned property

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This query is : Resolved

Bhaskar (Querist)

16 October 2014 Dear Sir,
Recently I have sold land plot which was jointly owned by me and my wife where my name was first in sale deed and my wife's name was second. For next year return filing do we both need to show this in our return or either my wife or I can show in anyone's return ? If we invest sale proceed in new property for tax saving, do we need to register new property also on both name ?

Thanks,
Bhaskar

Nikhil Kaushik

Nikhil Kaushik (Expert)

16 October 2014 depends on whether the wife contributed towards costs for buying the house?

Message likes : 1 times

Bhaskar

Bhaskar (Querist)

21 October 2014 At the time of buying property my wife was working but after year or two, she left the job. What's proof required for her contribution?

Nikhil Kaushik

Nikhil Kaushik (Expert)

21 October 2014 the question is not whether she was working or not...question is whether she contributed or not. Her savings at the time of purchase can be a good parameter.

Message likes : 1 times

Bhaskar

Bhaskar (Querist)

27 October 2014 Your answer is clear and precise. Thanks a lot.

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