IT e-filing

Hello Pankaj, We bought a flat in Jan 2009 and my wife is a co-owner. Both of us equally invested apart from taking 12L loan from the bank. Since my wife is not a employee, I was paying the EMI (though she has her income from different sources) and claiming the home loan benefit was only me from the past three years. In March 2012, we have sold the flat with total capital gains of 16L which we need to divide gain equally. However, we have purchased another residential flat which is under construction and have fully invested gains into it. However for IT return filing purpose, have few questions. Please clarify 1. How should we show these gains while e-filing return for asessment year 2012-13? Since my wife has never claimed home loan benefit, is it okay to declare the capital gains of her share now? 2. Since I e-file online directly, I don't see anywhere the %share of ownership where I can declare only 50% of gains while filing return for asessment year 2012-13. Please help me how should we declare capital gains? Regards

asked Jul 03 '12 at 10:45 by Srihari 165711


First, in case possession of new property is not taken before 31st July, 2012, You and your wife must open capital gain scheme account into a nationalized bank and deposit gains amount there to make you eligible for tax saving u/s 54.

Then you should file income tax return using ITR-2. It has CG-OS sheet to show long term gains and deductions u/s 54.

It does not matter if your wife does not share home loan EMIs. Her share in long term gains would be in same ratio, as her investment contribution in old flat.

Capital gains would need to be shown as an exact amount in ITR. You should divide it between you and your wife and use same figures in ITR.

answered Jul 04 '12 at 00:25 by Pankaj Batra 5.2k320

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Asked: Jul 03 '12 at 10:45

Seen: 1,466 times

Last updated: Jul 04 '12 at 00:25