Sale of immovable property
This query is : Resolved
01 September 2018
Hi Friends,
One of my relative gifted an immovable property consisting of land and residential building to his wife on Feb, 2018 and subsequently wife sold the same in March, 2018 and the tax u/s 194IA was deducted in the name of wife by the purchaser. Now when they want to file the return, can the wife take the original cost of purchase by her husband as Cost of acquisition or the amount fixed in the gift deed? Also what will be the period of holding of property of wife?
Could you please throw some light to this issue?
One of my relative gifted an immovable property consisting of land and residential building to his wife on Feb, 2018 and subsequently wife sold the same in March, 2018 and the tax u/s 194IA was deducted in the name of wife by the purchaser. Now when they want to file the return, can the wife take the original cost of purchase by her husband as Cost of acquisition or the amount fixed in the gift deed? Also what will be the period of holding of property of wife?
Could you please throw some light to this issue?
01 September 2018
In case of gift, the cost of acquisition will be the cost incurred by the previous owner
01 September 2018
Period of holding will be calculated from the date the gift giver(husband) acquired the property till the date of sale by the gift receiver(wife)
03 September 2018
Thank You Sir. Should we incorporate the transaction of gift by the Husband in his return as sale of immovable property?
03 September 2018
Gift is not sale of immovable property so need not mention in the Husband ITR
03 September 2018
Gift transaction would have been effected through registered gift deed i suppose. Only if it is so the wife will be seller
05 September 2018
Thank You Sir for the valuable information. Yes the transfer from husband to wife was through a registered deed.
03 November 2021
Due to clubbing provision, the capital gains will be assessed in the hands of husband.
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
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Journal entry of busniess expenses
- LIC maturity claim whether taxable
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
