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Property of wife's name who will pay tax on sale of house property
06-Sep-2023 (In Tax Law)
My father in law purchased two flats in name of my wife. Now, he want to sell both property and intend to receive sale proceeds in joint bank account he has with my wife. My question is who will be responsible for tax implications on sale proceeds. My wife or my father in law?
For every tax implications or other tax benefits or payment of tax on property shall be leived on to, in whose name the flat has been purchased.
So, tax will be paid in the name of your wife as the flats has been purchased in the name of your wife
So, tax will be paid in the name of your wife as the flats has been purchased in the name of your wife
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Adv. Pramendra Verma
Lucknow | 25+ Answers
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