I sold a property and transferred 7L to my wife from proceeds of sale of property.
I have paid capital gains on sale
my question is will that 7L be taxed in the hands of my wife
if yes, how and under which head.
she is a salaried employee
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Sale of property
Replies (3)
It will be clubbed with your income
If you have paid applicable capital gain tax on entire sale consideration (including 7 lakh transferred to your wife), there would be no further tax.
Income generated from 7 lakhs will be clubbed in your income every year for life time.
7 lakhs is your income which you just transferred to your wife. capital gain will be taxed in your hands
7 lakhs is your income which you just transferred to your wife. capital gain will be taxed in your hands
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