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Can we claim share of capital gains on filing taxes?- Property Hotline
Posted
September 29, 2016
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17
September 29, 2016
17
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2:27Now PlayingExpert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali & Company LLP.
Question: My husband and his three siblings sold a factory and the company paid capital gains tax within 2 months of selling the property. The proceeds after paying the capital gains tax was shared equally by all 4. My husband is constructing a house individually with his share of the proceeds. Can he claim his share of the capital gains that the factory paid when he files his taxes?
Answer: In this case, you cannot claim exemption if the property is not directly owned by an individual. You need to be the owner of the property on claiming the tax benefits.
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