Release deed in wife's name
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 November 2018
Good day sir, I want to release share on property owned jointly to my wife. If sell of property in future, who will deal with LTCG, me or wife? She has not contributed in payment of flat sum. And I have not claimed IT exemption on income under 80C. I am seafarer by profession , indian citizen and NRI tax status....and if I sell flat it could attract 20% TDS. I want to get rid of this issue. please guide. Thanks in advance...can I buy LTCG bonds before agreement and after receiving token money..
CA R SEETHARAMAN
(Expert)
13 November 2018
Release the share to your wife as gift. Sale during NRI status taxable in the hands of wife as no taxable income in your hands. Capital gains bonds can be taken within 6 months from the date of sale deed.
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