LTCG calculation for capital gain on sale of a house jointly owned by two persons

Income Tax
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1

Please advise how to calculate LTCG on sale of a house owned jointly by two persons and how they will submit their Capital Gain ITRs?

2

Hi @J.R_Mehta

In case of sale of jointly owned property, all the joint owners have to file separate ITR disclosing the amount of Sale Consideration and Cost of Acquisition and other charges, etc. in proportion to their join holding in ITR.

Hope this helps. For further assistancel you may reach out to me on Instagram @FinTaxSnippets.

Thanks,
CA. Pulkit Garg

3

To calculate Long-Term Capital Gains (LTCG) on the sale of a house jointly owned by two persons, the sale proceeds are divided between the co-owners based on their ownership share. Each owner’s LTCG is calculated individually by subtracting the indexed cost of acquisition and improvements from their respective share of the sale proceeds.