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Neeraj

Neeraj Batra  | Answer  |Ask -

CA, CS, Commerce Expert - Answered on Jun 01, 2023

CA Neeraj Batra is a director and a faculty member at DGS CAPS Learning Private Limited, a coaching institute for Chartered Accountancy and Company Secretaryship.
He has been teaching mathematics to CA, CS and commerce aspirants for over 11 years.
He has taught accounts and finance to IRS officers at the National Academy of Direct Taxes for three years and conducted numerous seminars at schools, colleges and MBA institutes in India.
Under his mentorship, several students have topped the competitive exam and secured All India Ranks.
Batra topped CA Intermediate (PCC) exam from Nagpur in 2009 and completed his CA and CS at the age of 21.
He has also cleared CFA (USA) Level 1.... more
Asked by Anonymous - Jun 01, 2023Hindi
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Dear Experts. My son is doing 12th standard taken commerce group with maths. He is also in training for CA foundation examination. His idea is to join BCOM and in parallel he would like to complete CA inter before his BCOM graduation. My suggestion to him after completion of graduation also to complete MBA along with Law(exclusively related to Accounting) Please guide is this plan is ok? also suggest which college will be best for BCOM in India/ With regards- Srikanth ps

Ans: CA requires full time studies. So with CA, BCOM from distance learning course or from such is preferred where attendance is not an issue for CA students. BCOM is just for backup in case student doesn't clear CA. After graduation, he can think of MBA if he is not doing CA. MBA after CA maybe if willing at that time.
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Tax Expert - Answered on Nov 23, 2024

Asked by Anonymous - May 11, 2024Hindi
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Can you please suggest on capital gains as per Indian taxation laws arising in the below two queries : 1) property purchased with joint ownership, me and my wife’s name in 2015 at a cost of 64,80,000, housing improvements done for the cost of 1000000 and brokerages of 200000 paid and sold the same property at 10000000 in Dec 2023? 2) 87% of the proceeds got from the deal i.e 8700000, have been reinvested to pay 25% amount in purchasing another joint ownership property in Dec 2023, 3) I have invested in another under construction property in Nov 2023 by taking housing loan, which is on me and my wife’s name worth 1.4 cr, here the primary applicant is me only while wife is just made a Co applicant in the builder buyer agreement and also on the housing loan . So what are the LTCG tax liabilities arising from the above 3 scenarios for FY 2023-2024 and FY 2024-2025. I intend to sale off the property acquired in (2) by Dec 2024 and use that proceeds to close the housing loan for the property acquired in (3), will this sale of property be inviting any tax liabilities if the complete proceeds received from the sale of the property in (2) would be utilised to close the housing loan taken in Nov 2023 for the property in (3) ? Since in FY 23-24, I would be claiming the LTCG from the sale proceeds of 1) invested in the purchase of property in 2), and I intend to sale off this property in Dec 2024, will the LTCG claim be forfeited on the property sale in (1), should I hold this property at least for further 1 year so that sale of this property in 2) will not invite STCG?
Ans: (A). Let's first talk about F/Y 2023-24 :
You jointly sold a Property during the year for Rs.76.80 lakhs (64.80+10.00+2.00), & sold the same for Rs.100.00 lakhs.
You have jointly also purchased Property No.3 (I suppose it is Residential only), for Rs.140.00 lakhs.
You should avail exemption u/s-54 & file your ITR accordingly. Please disclose all details about sale & purchase in your ITR.
02. Now coming to the F/Y 2024-25 :
You intend to Sell Property No.2, which was acquired in 2023-24. Any Gain on Sale of it would be Short Term capital Gains & taxed accordingly.
Alternatively, you may hold this sale of property no.2 (for 2 years from its purchase) & avoid STCG
You are free to utilize the sale proceeds in a way you like, including paying off your housing Loan.
Please note to avail exemption u/s 54 only from investment in property no.3 & not 2.
Most welcome for any further clarifications. Thanks.

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