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Wife Sold Gifted Land: Who Pays Tax - Me or Her?

Milind Vadjikar |579 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 18, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by Sumit on Sep 18, 2024Hindi

Money

I gifted a land to my wife in May 2022. She sold it at Rs 100000 on 10 th July 2024 after 2 years. Then who will pay LTGC tax me or wife?

Ans: The owner of the property has the responsibility of fulfilling tax obligations arising out of capital gain due to asset sale.

Hence in this case LTCG liability will be with your wife

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello Sunil ji, I am kedar & age 61, asking a question regarding the taxation on the amount of inheritance to my wife. After death my father in law (sasur ji) few years back, My mother in law (my sasu ma) had taken a decision regarding the agricultural land in their small town, which was purchased by the grandfather of my wife (father of my father in law) is develped and made it in the NA plots as per town planning scheme. these plots are now ready to sale. My sasu ma want to disribute the amont sold of these real estate plots., to her three married daughters including my wife. sir, here please guid us, regarding the amount recieved to my wife through her mother's house, is liable for any tax like capital gain or it will be treated as gift tax free amonut from mother's house as a stri-dhan (à¤¸à¥à¤¤à¥à¤°à¥€-à¤§à¤¨) and treated a tax free inheritance amont from her parants. kindly guide. thanks.

Ans: Hi Kedarji
Based on your question, apparently on property records, your mother-in-law is the owner of the land. I do not wish to get into the legal heirship aspect of the land post your father-in-law's demise and hence i would restrict my answer within the perspective of your query.

As your MIL is the legal owner and she is the person selling the land, she will be the person liable to tax for the capital gain arising on sale of the NA land.

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Dear Mihir Sir, I am a salaried person and file ITR every year. There was property in the name of my wife purchased in March 2018 and sold in August 2022 (FY 2022-23). The purchased value was Rs. 19,50,000 and the sale price being Rs. 32,50,000. Since she is a housewife and does not file any ITR. Sir I am to know that is she liable to pay any LTCG by filing an ITR this Assessment Year 2023-24 or any other way to show this income? Further, the gain on sale of this property has been totally used for my present house property (House- repair and renovation). Please guide me accordingly.

Ans: As per income tax provisions, any income arising from asset transferred to wife without consideration will be clubbed in the hands of husband.

Accordingly, if property is purchased in the name of wife and wife has not contributed anything from own source at the time of acquisition then clubbing provisions is likely to applicable at the time of transfer of such property. Capital gain will be taxable in the hands of husband.

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Dear Mihir Sir, Good after noon. I have a question for LTCG. Sir I acquired a residential plot in March 2018 for Rs. 20,00,000 and spent immediately Rs. 3,50,000 on foundation and boundary fencing. The property was held for almost 4.5 years and I sold it in December 2022 for Rs. 30,00,000. I spent the whole amount in constructing a new house. I had only one house property where I spent the whole amount. Am I liable to pay any LTCG for AY 2023-24? If yes, please tell how much am I liable to pay? Thanks.

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Hi I transferred some money to my wife and in her d mat account purchase share, now LTCG how pay in her account, can I show transferred money as gift to her, If I want want to purchase land to save tax, in which name we need to purchase, please advise

Ans: 01. Yes. You can show the amount transferred to wife's account as Gift, BUT in that case LTCG of wife will be clubbed with husband's income u/s 64.
02. In this case it is advisable to treat amount transferred to wife as a LOAN. All LTCG tax liability will be in wife's account.
03. Amount of loan may be received back from wife, after some time, may be with token interest.
04. Exemption u/s 54-F is available only, if you construct the residential house on purchased land, with in specified time (3 Years). Alternatively, you can also purchase a constructed house, 1 year before or 2 year after earning LTCG. However, in this case property shall be purchased in the name of your wife.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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