Sale of Property held in joint names

I will not be able to tell you about Inciome Tax Act as I am not Taxation Expert..

As far as purchase of the property in two names jointly is concerned both A & B will have equal share  under the provisions of Transfer of Propertyy Act in absence of an awarment in the purchase document about the funds given  only by A and about the shares of each A & B .

RASIK DAGLI

Advocate..

It is joint property of both. As the saledeed is silent in shares by nature it is equal.both r 50% partners.

Will it change the position if B states in writing that it has no share in the property in question and that her name was added out of natural love and affection.  

No. If "B" states in writing that he has no share, it will not change the position. "B" can release  his share only by a deed o frelease duly registered with proper Stamp Duty.

RASIK DAGLI

Advocate.

Gentlemen

Thank you. 

Following from this, if the property is sold and new property/investment is made in joint names, the IT Return will also be required to be filed by both joint owners individually.  I will go through the IT Return format to see how the computation of LTCG is done and will this increase or decrease the overall LTCG.  

Ashok Monga