Short term capital gain on jointly hold property
aditya
(Querist) 01 February 2013
This query is : Resolved
Dear Sir/Madam,
My query is as follows:
Fact : My father and mother hold an apartment in joint name. Mother is housewife and therefore do not have any source of income. The flat was purchased from income of my father but registered in the joint name. There is no definite share. Now they have planned to sell the property. Since the property is held for less than 3 years, the income would certainly be 'Short Term Capital Gain'.
Query: On the basis of above facts, whether the 'short term capital gain' can be shared equally between my father and mother.
Purpose: Above arrangement of sharing the short term capital gain would result into less Tax Liability.
Thanks.
ajay sethi
(Expert) 01 February 2013
contact your chartered accountant for tax queries . or raise it in CA club india .com
Raj Kumar Makkad
(Expert) 02 February 2013
Such calculation work can be done effectively by tax lawyers or CAs.
