Dear Experts,
Regarding the computation of capital gain on My client, A retired person, who is a pensioner, has not filed his income tax return for the financial year 2021-22. During this period, he sold a house property that he jointly owned with his wife, and in the same year, he bought a new house property in his name. However, his wife has already filed her return for FY 2021-22 without disclosing the sale transaction.
Now, my question is whether the retired person can show the full amount of the sale of the house property in his return filing, including his wife's share in the sale of the property, and claim a deduction under section 54 of the income tax act 1961.?
I would appreciate any help or guidance on this matter.
Thank you in advance.
CAclubindia
