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Sushil Sukhwani  |555 Answers  |Ask -

Study Abroad Expert - Answered on Apr 24, 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
Alphones Question by Alphones on Apr 11, 2024Hindi
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Career

Indian MBBS degree is Not recognized by USA. How can anyone study MD there?

Ans: Hello Alphones,

To begin with, thank you for contacting us. As an answer to your query, I would like to let you know that if a person holding an Indian MBBS degree wishes to study Doctor of Medicine (MD) in the USA, he/she will generally require to undergo a procedure known as "medical residency." There are numerous steps that one will need to consider. Mentioned below is the same:

As the first step, to ascertain whether the candidate qualifies for a license in the US, they will need to get their educational qualifications assessed by organizations viz., the Educational Commission for Foreign Medical Graduates (ECFMG). Secondly, they will need to clear the United States Medical Licensing Examination (USMLE) Step 1, Step 2 Clinical Knowledge (CK), and Step 2 Clinical Skills (CS). Remember that one’s knowledge and abilities to practice medicine in the USA are evaluated through these exams. Thirdly, upon clearing the exams, they will be required to apply for residency posts using the National Resident Matching Program (NRMP) or similar matching initiatives. Bear in mind that residency programs are highly competitive, and applicants need to show their qualifications and compatibility with the program. After being matched, students enroll in a residency training course in the field of specialization they have opted for. Based on the area of expertise, residency training usually takes three to seven years to complete. Lastly, after having completed residency training, students have the option to become board-certified in their field. They can do so by clearing extra tests that the relevant specialist board administers.

I would like to let you know that although an MBBS from India might not automatically qualify someone to practise medicine in the US, they can still pursue a medical career in the country by completing a medical residency program, as long as they meet the prerequisites and conditions.

For more information, you can visit our website.
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Tax Expert - Answered on Nov 23, 2024

Asked by Anonymous - May 11, 2024Hindi
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Money
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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