Tax treatment for property sale

Hi...

I have sold a residential property which was in joint name of my self and my wife. Entire payment towards the purchase of property was paid by me as my wife is a house wife and does not have any income.

In above case there is short term capital gains of 50 lacs.

Query is - Can I show entire short term capital gains of 50 lacs in my ITR and pay applicable tax on 50 lacs income ( as my wife did not pay any amount towards purchase of this property ) - pls advise ?

Replies (4)

Yes

You can consider STCG in your ITR and pay tax on Capital Gain as applicable. 

it has to be shown in your ITR only
Hi Tarun....can buyer deposit full TDS under my name or it will be distributed equally between me and my wife.
yes.it can be shown in your return because in the income tax return, we dont give any proof of ownership of property to the Department.

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