Share in capital gain

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This discussion addresses how to accurately report capital gains tax when a property is jointly owned. The user successfully navigated reporting their 50% share of the capital gain on a flat sale, ensuring the income tax return reflected their individual portion of the profit and costs, rather than the full amount.

pavel

pavel (Querist)
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20 October 2020 My capital gain arising from sale of flat arises 2,80,000/- .
1. property is 50% owned by me and my brother .
2. Capital gain taxes 2,80,000/- equally paid by me and my brother .(That is 1,90,000 by me and 1,90,000 by my brother )
3. where to show in capital gain tab in income return share . In income tax return its showing full value that is 2,80,000/- .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 October 2020 Show only 50% value of sale and cost.

pavel

pavel (Querist)
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01 November 2020 CA R Seetharaman sir ...thnk u soo much for ur reply and time . I done it as u said and finally submitted the return . thnk u soo much sir

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