Bought plot in wife's name who is a homemaker. On sale, how income tax is calculated1 min read 26 Oct 2022, 10:18 AM IST
As per the provisions of Section 64 of Income Tax Act, all the income arising on property gifted to your spouse is required to be added in your hands. So capital gains on sale of both the plots will be taxed in your hands
I had purchased two adjacent plots in March, 2018 for ₹15 lakhs each. One was purchased in my name and the second one was purchased in my wife’s name. I had paid for both these plots. Now I want to sell both the plots and expect to get around ₹95 lakhs. I am a salaried person and my wife is home maker. How can we get exemption from long term capital gains on sale of these plots? I already have two residential flats in my name.
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