Taxability of LTCG - assessment in the hand of assessee or his ...

Debate on Long-Term Capital Gains Tax: Assessee or Spouse? Ensuring No Double Taxation Burden.

July 26, 2023

Case Laws     Income Tax     AT

Taxability of LTCG - assessment in the hand of assessee or his wife - double taxation - The issue has to be dealt only by the tax authorities and the credit in the hands of the assessee’s wife has to be refunded are adjusted against the demand raised in the hands of the assessee. The method by which it has to be carried out left to the tax authorities without there being any burden on the assessee. Since the assessee has paid the due tax on this transaction. The legislature intention is not to tax twice on the same transaction. - AT

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