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tax for selling property, Income Tax

Issue Id: - 113394
Dated: 9-2-2018
By:- Scientific advsr
tax for selling property

  • Contents

Hello

I purchased a flat in India in 2008 on my spouse (house wife) name, when I was in USA. We both were in USA when the purchase was made. We sold the flat with no profit in 2018 and payment has been made to my spouse account.

Now I would like to know

1. Is this considered as gift?

2. is there any capital gain tax as there is no profit.

3. Any other tax queries which may arise in future.

Your suggestions are greatly appreciated.

Thanks

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