Capital Gain claim on selling joint property
I purchased a residential property jointly for earning rental income in 2015. My sister is a joint owner in this property. The property purchase was funded by my Dad who is no more now. Since 2016 we are getting rental income and I am managing the property.
For tax purpose, the 100% rental income from this property is declared in my ITR alone for last 3 years since I have been using the entire income for my expenses.
Now, we plan to sell this property and invest the capital gain amount in bonds like NHAI.
Question 1. Should we ask the buyer to make the entire selling amount in my name so that I show 100% capital gain in my ITR to avoid mismatch since I have been declaring 100% rental income in my ITR?
Question 2. What if the buyer makes half of the selling amount in my name and other half in my sister's name? Can I still show 100% capital gain in my ITR to avoid mismatch?
Question 3: If 100% capital gain is shown in my ITR, can I later gift half of the selling amount to my sister so that both of us can deposit 50% each of the capital gain amount in the bonds separately?
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