Capital gains from house

Hello,

I am planning to buy flat (primary home)in joint name (50-50 wife and I). I will be paying 100%.

If we sell it after 10 or 15 years then will all the gains be taxed in my name due to clubbing provisions or just the 50%.

Both retired and currently our house hold income is 35% from wife and 65% myself. 

 

Thanks 

 

Replies (3)
Quick Summary
This discussion explores capital gains tax implications when selling a jointly owned primary residence. The user is purchasing a flat in joint names with his wife, contributing 100% of the funds. He seeks clarification on whether all capital gains will be taxed solely in his name due to clubbing provisions, or if the gain will be split according to ownership. The advice suggests that while registration may be joint, the ratio of financial contribution often dictates tax liability, potentially meaning the husband would bear the tax.

It will be shared between your wife & you............... as per the property registered .

Though agt. will be on 2 or more than 2 names
for taxation matters
always ratio of contribution counts
in above case....only husband will bear tax
You may go by Supreme Court Judgements on this matter

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