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Archana Deshpande  |75 Answers  |Ask -

Image Coach, Soft Skills Trainer - Answered on May 19, 2024

Archana Deshpande, the founder of TransformMe Life Skills Coaching, is an image consultant, soft skills trainer and life coach.
She has been working with individuals and corporate organisations for more than 10 years during which she has helped professionals and students improve their soft skills, build confidence and enhance self-esteem.
An engineer from the PDA College of Engineering, Gulbarga, Archana had a successful career at Reliance Communications. But she has always been interested in teaching and training people. So she pursued a postgraduate diploma in teacher’s training at Pune’s Symbiosis Institute of Management Studies followed by teaching assignments in schools at Visakhapatnam and Mumbai.
Archana also holds an international certificate in image consulting and soft skills training from the Image Consulting Business Institute, Mumbai.... more
Asked by Anonymous - Mar 20, 2024Hindi
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Career

Hi Sir/ Ma'am. I am Venkatesh, and currently employed as a Territory Manager at a reputable NBFC. I am writing to seek your advice regarding a recent job offer I received from ICICI Bank. I was approached by ICICI Bank with a competitive compensation package, which prompted me to consider a potential switch. However, my current employer made a counteroffer to retain me by offering a salary correction. I accepted their offer and continued working with them. Unfortunately, due to some discrepancies, the Reserve Bank of India (RBI) has imposed a ban on our operations. This has caused significant concern for myself and my team members about our future prospects. In light of this situation, I kindly request your guidance on whether it would be advisable to stay with my current employer in the hope of things improving or to pursue the job opportunity search. I would greatly appreciate your insights and advice on this matter.

Ans: Dear Venkatesh!

I can totally understand you predicament. You made choices about ICICI and your NBFC reputed firm. Don't look back at all and don't beat yourself about the choice you made. I am sure you made an informed choice weighing all pros and cons. This is life happening ... RBI ban and all that...it is not because of you and it not under your control. How you respond to the challenge and emerge a winner is all that you have to see. You are a loyal employee so you informed before quitting and they didn't want you to leave because they valued you. It was a WIN-WIN for both of you. It's time to weigh your pros and cons again and take an informed decision and create a WIN WIN. I wish your company gives you all a clear picture and be open about your future, it's the worst situation when a company keeps their employees hanging like this. See if you can talk to a senior(or people)you can trust and ask him clearly what to do! Take opinions from people around and make an informed choice. Meanwhile, you create your goals for the future- your financial goals, family goals , goals in all areas of your life and see whether your goals will be met by sticking to the company or looking for a job elsewhere. The way you say ICICI approached you and then your company tried to retain you, you are a man with great potential and integrity. This time around look for solutions that suit you , your goals and your family!!
All the very best!!
Career

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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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