tax for selling property

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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

AI Summary

Inquiry on Flat Sale in Spouse's Name: Gift Status and Capital Gains Tax Implications Explored An individual purchased a flat in India under their spouse's name while residing in the USA. They sold the flat in 2018 without profit, with the payment made to the spouse's account. They inquired whether this transaction is considered a gift, if capital gains tax applies given no profit was made, and about potential future tax queries. The response advised determining if it qualifies as a gift and noted that if the guideline value exceeds the sale value, capital gains tax might apply, potentially leading to further queries from tax authorities.