Capital gains account in my name and Land on husband’s name – Can I get the benefit ?

POSTED BY duke ON March 22, 2014 8:23 am COMMENTS (4)

Hi!

Pls help

I have sold a property which was in my name and opened a capital gains account and parked the amount to use for constructing a house.  The land in which we want to construct a house is in my husband’s name and capital gains account is in my name. Can i utilise the amount for construction and how.

Thank You.

4 replies on this article “Capital gains account in my name and Land on husband’s name – Can I get the benefit ?”

  1. ashalanshu says:

    Dear Duke, in that case, your husband w’d have to sell a part of land to you for a money consideration and it ‘ll involve cost. Also it ‘ll invite capital gain tax liability on your husband.

    Thanks

    Ashal

  2. duke says:

    Thanks Ashalanshu.

    You are right in saying that. I consulted a advisor here, he also said the same but there is a provision that if i include and register myself as co owner of the land with my husband, then i will be able to utilise the amont in the capital gains account for construction.

  3. ashalanshu says:

    Dear Duke, the answer is NO. The ownership of the land should be in your name to adjust the LTCG tax liability.

    Thanks

    Ashal

  4. duke says:

    Awaiting your replies

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