Joint ownership LTCG

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suppose me and my wife had purchased property jointly and now we sold it..... and purchased another property only in my wife's name......can both wife n me claim exemption under 54?
Replies (7)

Have you invested your part in the new property purchased?

Yes we r planning to invest this month

WHO PAID MONEY FOR ORIGINAL PROPERTY? 1ST NAME IN PROPERTY. 

WHEN SOLD BOTH OF YOU RECEIVED MONEY, WHAT IS INVESTMENT SHARE PERCENTAGE?

WHEN YOU FILE RETURN - CAPITAL GAIN SCHEDULE - YOU NEED TO INSERT 1ST NAME AND SECTION 54  APLICABLE TO 1ST HOLDER 

IN YOUR CASE 1ST YOU HAVE TO PAY LTCG TAX THEN GIFT MONEY TO WIFE, THEN SHE CAN BUY IN HER NAME.

WHEN YOU BUY NEW PROPERTY THEY WILL TALLY WITH STAMP DUTY DEPARTMENT.

BETTER YOU BUY IN YOUR NAME THEN GIFT TO WIFE. 

The stamp duty on gift deed in Maharashtra is 3% of the property’s value, as per Article 34 of the Maharashtra Stamp Act. However, if the property is gifted within the family (to husband, wife, son, daughter, grandson, grand-daughter, or wife of a deceased son), the stamp duty is Rs 200 for residential or agricultural properties. This amendment was introduced in 2017.

 

Q1. Whether the value of property is below 50 lakhs?

Q2. Whether the seller will accept cheque from you?

Value above 50lakhs

we will accept cheque.

Will the seller accept TDS deducted by you when you are not part of purchaser?

My simple answer is no problems both can claim . Please ensure the proceeds of the sale was credited in both your and your spouse account or a joint account ( to avoid any kind of presumed gift that will complicate )  and cheque/ bank transfers were made from the bank while reinvesting  within the stipulated time . There are many case laws support this kind of transactions. 

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