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 ?
CAclubindia
