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Sushil Sukhwani  |589 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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Ans: Dear Anonymous,
This is a question for a legal expert; so go ahead and seek the guidance of someone who can handle your case. Along with this, you will have to think of a good balance that will allow for you to manage work and home plus your health.

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Hello sir, I am planning to buy a flat, with some stock sale proceeds and bank loan. Can I claim section 54F, for the entire registration amount for a flat, along with registration fee ? Or bank loan part is not considered
Ans: Eligibility for Section 54F
Section 54F provides capital gains exemption when selling assets like stocks.
You must invest the full net sale proceeds in a residential property.
The new flat must be purchased within two years or constructed within three years.
You should not own more than one residential house at the time of sale.
Treatment of Bank Loan Under Section 54F
Exemption applies only to the portion funded by stock sale proceeds.
The bank loan portion is not considered for exemption.
You need to invest the entire net sale proceeds to claim full exemption.
Registration Charges and Stamp Duty
Registration charges and stamp duty qualify as part of the property cost.
These expenses can be included for exemption under Section 54F.
However, only the part paid from capital gains is eligible.
Ensuring Full Exemption
If you reinvest only part of the net sale proceeds, the exemption is partial.
Any remaining capital gain will be taxed.
To avoid tax, the full capital gain amount must be reinvested.
Tax Implications If Conditions Are Not Met
If you sell the new property within three years, the exemption is reversed.
The capital gain becomes taxable in the year of sale.
Ensure compliance with all conditions to retain tax benefits.
Alternative Planning Strategies
If full reinvestment is not possible, consider capital gains bonds.
These bonds provide an alternative exemption under Section 54EC.
This helps in tax-efficient planning while keeping liquidity options open.
Final Insights
Section 54F helps save tax if proceeds are fully reinvested.
The bank loan portion does not qualify for exemption.
Registration costs can be included but only if paid from capital gains.
Ensure compliance to avoid future tax liabilities.
Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

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