Taxation
This query is : Resolved
28 December 2011
What is the tax consequence if...
A husband transfers an amt of money say suppose Rs.10lacs to her wife.
and wife purchases a house from the same and later sells it and there is capital gain on this transfer?
Please reply asap
A husband transfers an amt of money say suppose Rs.10lacs to her wife.
and wife purchases a house from the same and later sells it and there is capital gain on this transfer?
Please reply asap
28 December 2011
Clubbing provisions apply only when an ASSET has been transferred.
Also, an individual shall be treated as deemed owner of a house property if he has transferred the house property to his/her spouse without consideration.
In this case, since cash gift has been given by husband to wife and the wife has purchased a house property out of the above gift, the above provisions are not applicable.
Accordingly, capital gain on sale of house property shall be taxable in the hands of teh wife and not the husband.
Also, an individual shall be treated as deemed owner of a house property if he has transferred the house property to his/her spouse without consideration.
In this case, since cash gift has been given by husband to wife and the wife has purchased a house property out of the above gift, the above provisions are not applicable.
Accordingly, capital gain on sale of house property shall be taxable in the hands of teh wife and not the husband.
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28 December 2011
Thank you sir
and what if the wife is:
a)an assessee filing return
b)not an assessee filing return
and what if the wife is:
a)an assessee filing return
b)not an assessee filing return
29 December 2011
The fact whether the wife is filing a return or not is of no relevance.
When the capital gain arise she will have to file a return of income in respect of such gains.
When the capital gain arise she will have to file a return of income in respect of such gains.
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