I purchased a land in Nov 2017 for Rs 49.5 but registered it jointly with my wife. I am in the process of selling the land now. There will be short term capital gains. Can the registry in my wifes name be considered as a gift and the capital gains be divided between me and my wife. My wife earns rental income. No gift deed was registered.
If you are selling it now how will it be short term it will be a long term capital gain.
You better don't tell it as gift because if you do it will be charged in your hand only because in case of gift to wife there are provisions of clubbing of income.
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No, it will not be treated as gift. The capital gain will be taxable in your hands.
Yes you can divide the capital gains. Get payments equally in your's and your wife's bank account. No gift deed is required.
Hello,
No, it can't be considered as a gift.
Capital Gains will be taxable to both of you.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Hi,
It will not be treated as gift.
You will have to pay capital gain taxes in the same.
Hello Sir,
No, it can not be considered as gift.
It would be treated as capital gain in the hands of your wife.
