Hi Colleagues,
House Property is registered on the name of both husband and wife (Joint Ownership). And proceedings are getting credited to wife's account. So tax must be paid by wife.
If the property is sold, then who must pay tax on such capital gain?
If joint ownership in equal share, then income or capital gain is taxable in the hands of both the owners in the same proportion. It also depends on the source of funds. If both the joint owners have financial resources in individual capacity, then income/gain is taxable in proportion to the share of property held.
Hello
The capital gains would have to be borne equally if there arises a capital gains on sale of the property. (Assuming ownership is 50:50)
Thanq all..
CAclubindia
