please help me out from this doubt
Suppose a husband acquired property(eg.1000 sp ft) with give some consideration. Later he transfered 50% portion of property (500 sq ft) as gift(without consideration) and remaining kept with him, subsequently he entered into contract with developers as joint developement, for consideration for construction gave 50% portion of property (250 sq ft). After few years they decided to sell the entire property at a gain. how would treat this one?
a) whether we should clubbed the income of his wife or not (250 sq ft and 500 sq ft) ?
b) whether the consideration given to developer considered as sales proceeds or not?
please let me clear this doubt and thanks in advance for your suggestion
CAclubindia
