Tax on capital gain on sale of house property


(Querist)
12 July 2019
( 1 ) Can LTCG on jointly owned property sale be split and paid by Husband and wife in two separate returns . Buy and sale transaction done thru same joint s/b bank account . Sale consideration received as single amount
(2) Is concessional tax rate of 10% allowed if CII adjustment is not done for Cost of acquisition

( 3 ) House is purchased in 1995 . Can CII for base year of 1981 used till 2001 and then CII for Base year 2000 for further adjustment for inflation till 2019(year of sale ) ?


CA R SEETHARAMAN (Expert)


Click to Talk 12 July 2019
1 Yes file two returns.
2 Not allowed indexation with 20% only allowed.
3 Consider market value in 2001, if market value not available you can do so.


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