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Study Abroad Expert - Answered on Jan 06, 2024

Sushil Sukhwani is the founding director of the overseas education consultant firm, Edwise International. He has 31 years of experience in counselling students who have opted to study abroad in various countries, including the UK, USA, Canada and Australia. He is part of the board of directors at the American International Recruitment Council and an honorary committee member of the Australian Alumni Association. Sukhwani is an MBA graduate from Bond University, Australia. ... more
Munira Question by Munira on Jan 04, 2024Hindi
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Career

My son is in IGCSE School following UK Cambridge syllabus & grading. What are his prospects in India & abroad if he continues same until O Level. Which fields he can explore as he is interested in becoming a Pilot.

Ans: Hello Munira,

First and foremost, thank you for getting in touch with us. I am happy to hear that you son is studying the IGCSE curriculum. Concerning your question as to what are his prospects in India and abroad, I would like to tell you that we only deal with overseas education. To answer your question first, I would like to let you know that your son will be provided with a solid academic foundation that is globally acclaimed if he continues with the IGCSE curriculum until O level. You would be glad to know that a number of possibilities for him to pursue higher education or employment overseas may be opened through this educational path. Owing to their strict requirements as well as compliance with global educational criteria, the IGCSE qualifications are highly appreciated by a number of nations and institutions. As your son aspires to become a pilot, I would recommend that he focuses on STEM disciplines viz., Mathematics and Physics as these would be advantageous. A solid foundation in the scientific ideas that drive aviation are provided by these subjects. Not just that, after completing O levels, pursuing further studies in aviation sciences, aeronautical engineering, or even attending specialized programs in pilot training could pave the way for your son to become a pilot. I would like to tell you that although difficult, it’s a gratifying career that can be aided by a robust academic foundation, such as the one provided by the IGCSE curriculum.

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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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