A HOUSE WIFE has purchased a property with 4 partners,by her OWN money (so money is not given by her husband.She got money in game show and as marriage gift).
Her husband is govt employee.
Q1. Is her husband has to inform his govt company about the property OR property is individual liability of wife only so no need to declare by husband in his immovable property return form, which need to fill every year?
Q2.Now wife & partners are selling that land in form of residential plots.If husband declares the property, then every year he has to show the reducing area of land due to plot selling.So what will be value of remaining property after sale of few plots.Total value will be shown 1st year, then for next year how property value will be calculated?Actually purchased land was green land after diversion now plots are being sold, so how cost will be calculated for remaining plots/land?
Q3. If no need for husband to show the property then what will be the tax liability for wife?
Kindly reply all questions
1 Answer from Attorneys
the husband need not show the property in the office. If the money was won from game show then there is no tax liablity.
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