Mr. XYZ had sold a property which was in the name of his wife. The amount of sale proceeds was received in the bank account of Mr. XYZ. So this transaction would be taxable to whom Mr. XYZ or Mrs. XYZ?
What would be the effect of sale proceeds received in the account of Mr. XYZ?
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Money received on sale of property
Replies (4)
Quick Summary
The capital gain on the sale of the property will arise in the hands of the wife.
What will be the effect of sale proceeds received by Mr. XYZ? Will it affect his ITR or there will be no effect?
If he transfers the same to his wife's account then there will be no taxes in the hands of Mr. XYZ.
Maam please help me with this situation too
I am filing my client's ITR 1 online but during the time of filing, in the profile section, name, surname and PAN number comes as blank and I can't even input the details manually. What can be done in this situation?
I am also not able to update these details in his e-filing portal profile.
I am filing my client's ITR 1 online but during the time of filing, in the profile section, name, surname and PAN number comes as blank and I can't even input the details manually. What can be done in this situation?
I am also not able to update these details in his e-filing portal profile.
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