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LTCG/L on immovable property.
If Husband and Wife who are co-owners in an immovable property being a residential unit and husband has paid total amount for purchase of such residential unit and wife has not contributed any money to buy such unit then in whose hands will LTCG be taxable under Income Tax Act when sold?
Replies (1)
Summary: For tax purposes, ownership is generally determined by the names on the legal property deeds rather than who contributed the funds. While gains are typically split among co-owners according to their share in the deed, be aware of the "clubbing of income" provisions under the Income Tax Act, which may result in the tax liability for both shares falling on the spouse who provided the funds.
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