A Housewife has inherited a piece of Land from her father as gift. She now intends to sells this piece of land and receive the sale proceeds. Husband is on a higher Income tax bracket (30%).
(i) Who - the wife or her husband is the better option to receive the sale proceeds from LTCG purposes, in case LTCG is to be paid or exemption through purchase of Sec. 54EC Bonds is to be availed?
(ii) If the 54EC Bonds are purchased in Wife's name, the Interest income received from the Bonds in future - will it be taxed at wife's income tax slab of 10% or will get clubbed with husband's income at the higher tax bracket?
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Income from sale of inherited property by housewife - clubbing of income with husband?
Replies (2)
When wife has received the property as gift from her father, she is sole owner of the property and any tax liability will be her own, Where is the question of her husband coming in between? No question of clubbing, unless she gifts any amount to her husband!!
Thank you for your response.
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