- Entire capital gain will be taxable in your hands and should be shown in your ITR only. In wife ITR, transfer TDS to your PAN and you should claim the entire TDS in your ITR. Only you should invest in NHAI bonds and not your wife.
TDS in joint names
I had purchased a flat in joint name with my wife. However, entire purchase amount was paid by me through my funds/housing loan. We have now sold the flat and the purchaser has made equal payment to both of us. He has also deducted TDS and filed a return for the same in both the names. Since the flat was purchased by my funds I feel the entire transaction should be shown in my account. However, since TDS is issued in favour of my wife also she will need to file a return. In the return how do I mention the sale proceeds (entire in my name) and nil in my wife's name and claim a refund of TDS in my wife's name? also I propose to invest in NHAI bonds for 50 lakh entirely in my name. Is it okay or I need to invest in my wife's name also?
Asked 5 years ago in Capital Gains Tax
How do I transfer the TDS/TCS in the ITR? Where is the column or option available?
Asked 5 years ago
You must have invested the entire amount in the property but since the deed contains name of both parties it would be better if you show it equally in both name.
However if you are ready to provide an explanation then it is advised to show entire capital gain in your return and show wife's share as clubbing income.
Then you can invest the entire amount in bonds in your own name and claim the refund of TDS as well.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hi,
Yes, the entire transaction should be reflected in your account as essentially its your property.
For TDS, you can take credit of tds deducted in Your wife's name while filing your return of income
Under TDS sheet, you will find an option to get credit for tds deducted in someone else's name.
In TDS column, you can transfer it.
Dear Sir,
Hope you are doing well !!
You will have to show the entire capital gains in your tax return.
Yes, it is okay to invest in NHAI bonds for 50 lakh entirely in your name.
You can take a declaration from her that she is transferring this credit to you and in turn you pay her the TDS amount due to her via bank transfer.
Else in the tax return form in TDS schedule there is a column to report transfer of part credit. IN case of any confusion, do make a call.
Hello,
The whole Capital Gain would be applicable to you.
Regarding TDSdeduction in your wife's name, The same can be transferred to you through your wife's income tax return.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Under the TDS section of the income tax return, you can declare the details of TDS transfer to your PAN.
Hello Sir,
A position can be taken that for all practical purposes, you are the sole owner of the property although the said property is on paper under joint ownership. You can also substantiate the claim by demonstrating that the entire purchase cost of the said property is being funded solely by you (and your wife does not provide any funds).
So, you are the deemed owner of the property for the purposes of income tax, your wife may be legal owner, but you will remain responsible for all incomes and consequent taxes on it.
-You will have to show entire sales consideration in your ITR only.
-Also, you should invest in NHAI bonds for 50 lakh entirely in your name only.
-You can take credit of tds deducted in your wife's name while filing ITR.
In TDS schedule, there is a column to report transfer of part credit.
So,you can declare the details of TDS transfer to your PAN.
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