I need clarification for this:
A property in the joint names of Wife and Husband, was sold and there is LTCG.
1) Can Husband claim LTCG and pay the LTCG Tax
or
2) Both Wife and Husband have to claim LTCG and pay LTCG Tax
or
3) Only the Wife has to claim LTCG and pay LTCG Tax.
Ideally second option is correct.
Husband and wife both will pay tax on LTCG as per ratio of thier ownership. In the absense of ration 50% LTCG will be add in their taxable income.
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