Sale of residential property
Sir. I want to sell my res prooerty purchased in 2002 in joint name of me and my wife. And in 2010 i transfer the same in my wife name as famiky gift. Now she is 100% holder. My question is since the sale proceed will go to her bank account. Whether the LTCG can be calculated with full indexing on 100% of purchase cost from 2002 to 2018. Or it will be splitted between me and my wife for the 50% share respectively.
Dates and value as under
April,2002, purchase value 25 lacs , 2 coowner me and my wife 50% each and in june 2010 my share 50% is given to my wife as gift under family transfer. She owns 100% share from that date to till date.
Now we will sell this for 2 crore to buyer.
How to caculate LTCG, and whether she alone needs to pay tds on this from buyer side.
Whether any deemed income for me.
Whether any tax cinputation for me to show.
How the indexing will ve done.
What will be cost of acquisition for my wife in 2010.
What will be tax liability.
Pl advice. I will be thankful