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Neeraj

Neeraj Batra  | Answer  |Ask -

CA, CS, Commerce Expert - Answered on Jun 20, 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
Pallavi Question by Pallavi on Jun 15, 2023Hindi
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Hi Neeraj, My daughter secured 84% in 10th CBSE and has taken admission in CBSE Commerce with Entreprenuership as the optional subject instead of mathematics. She doesn't have much interest in Maths and science. We are not clear whether she should go ahead doing CA or MBA? If she wants to pursue CA and as mentioned earlier has not taken maths will that be an impediment while preparing for CA? Also could you please advise on some other career options? Thank you.

Ans: CA without maths is also possible. But is she ok with numbers? Like Profit/Loss, discounts etc. Coz Maths in CA is less but it is the financial maths. No trigonometry, no geometry, less algebra, more of banking, stocks, insurance, financial maths. She might not be interested in core maths, but is she interested in financial maths should be evaluated. If yes, can go for CA or MBA finance. If not she can think of MBA(HR) or any other branch except finance. Some other options: CS, BBA from good College)
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My daughter just passed SSC with 97.20 % from icse board She is confused which field she should go If for medical then we cannot afford the fees of private medical colleges as they are too on higher side if neet score is not Good I personally feel she should go for engineering through mhcet or jee main. In engineering if she is not able to crack both exams atleast she can go for private engg colleges which are much affordable. But she is confused as maths is not interesting for her. Please suggest us the same
Ans: VP Sir, Taking into consideration that your daughter is not interested in Maths, Engineering is not advisable for her. To get a basic idea which Streams / Courses will be suitable for her UG, I suggest you to attempt a 'Psychometric Test' (available online) by paying around 1000 Rupees. From a Psychometric Test, you will come to know your daughter's level of Aptitude, Attitude, Interest, Personality Traits & her Orientation Style. It also recommends suitable Career Options for her, other than Medical / Engineering. All The BEST for your Daughter Bright Future, Sir.

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T S Khurana

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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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