Capital gains in whose hands it shall be calculated- very very urgent

siri (CFO) (174 Points)

09 March 2019  

HI  all,

one Residential House Property is registered in the name of Wife on 23.10.2015, but agreement to sale is on 18.05.2015 i.e. all transactions happened in F.Y.15-16(A.Y.16-17) in the meanwhile the for the A.Y.2017-18 Rental Income from Such Property was Offered to Tax in the hands of Husband at the filling his personal IT Return.now on 07.07.2017 i.e.A.Y.2018-19 the said Residential Property was sold accordingly no rental income was offered in the hands of husband but Capital w.r.t that Property was shown in his IT Return filed for the A.Y.2018-19.

Now my Q/s is Wether Capital Gains can be Calculated in the hands of Wife or Husband?

She has no any Source of Income to acquire that property which is acquired some part as loan taken from bank some part through other private loans ..... repayment of interest & Principal is done through her daughter+son+husband incomes.

Kindly Tell in whose hands the capital gains can be calculated? it is very urgent.........

PLZZ RESPOND professioanl & experts.