Sale of house after death of spouse

Tax queries 162 views 3 replies
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CA
588 Points Joined September 2009

A House in the Name of a Lady. Lady Died. The House sold by Husband.

Purchased 10 years ago.

Sold in FY 2016-17. Rs 20 Lakhs.

 

Kindly Explain me about the Tax Implications - Capital Gain and Others. And also how to save Tax, any Exemption available.

 

Thanks

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On 26 June 2017 at 20:03 Report
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student
48 Points Joined October 2014
same treatment in hand of husband as if it would have been in the hand of her spouse. The period of holding and cost of acquisition of her spouse will be considered , also exemption u/s 54 can be taken if gains are invested accordingly
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On 26 June 2017 at 22:46
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CA
588 Points Joined September 2009

Thanks Sameer.

 

And We have to Take this into Accounts of Husband. So how to make the Entry and In Income Tax Return how to Show it.

i.e. How to Show the ASSET - HOUSE.

Do we have to show it as Income from Other Sources or something else ???

 

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On 27 June 2017 at 22:38
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student
48 Points Joined October 2014
it is a capital assest hence taxable under head capital gains and since held for more than 3 years LTCG
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On 27 June 2017 at 22:45


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