LT Capital Gain Property Gift to Spouse
by Pradeep Kumar
My wife purchased a property / vacant land in 2002 for Rs. 2 lac. on G.P.A. by its original owner. No Sale Deed was done on that time. Now as a safety, my wife felt better to get the property registered through Sale Deed, hence made a Sale Deed in the name of her husband for Rs. 250000/-, because as a rule GPA owner can not get the Sale Deed done in her own name.
I wish to know whether this transaction of property between 'Wife & Husband' will effect on any Tax liability / Long Term Capital Gain to Wife? She mentioned this in Balance Sheet already.
Can I know what is the exact ruling of income tax deptt. in such case or any previous court references of same cases?
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