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R P Yadav  | Answer  |Ask -

HR, Workspace Expert - Answered on Feb 08, 2024

R P Yadav is the founder, chairman and managing director of Genius Consultants Limited, a 30-year-old human resources solutions company.
Over the years, he has been the recipient of numerous awards including the Lifetime Achievement Award from World HR Congress and HR Person Of The Year from Public Relations Council of India.
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Sravani Question by Sravani on Feb 07, 2024Hindi
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Career

What are the options to open a business that will help me implement my legal knowledge into it.

Ans: If you have a legal background and want to integrate your legal knowledge into a business, there are several options to consider. Here are some business ideas that align with legal expertise:

Legal Consulting Firm:

Offer legal consulting services to businesses or individuals.
Provide advice on contract drafting, compliance, and legal issues.
Document Preparation Service:

Help individuals and small businesses prepare legal documents like contracts, wills, and agreements.
Ensure documents comply with relevant laws and regulations.
Legal Tech Startup:

Develop software or apps to streamline legal processes.
Create tools for document automation, case management, or legal research.
Legal Blog or Podcast:

Share your legal insights through a blog or podcast.
Provide valuable information on legal topics, changes in laws, and advice.
Mediation or Arbitration Services:

Become a mediator or arbitrator to help parties resolve disputes outside of the courtroom.
Specialize in areas such as family law, business disputes, or workplace conflicts.
Legal Education Services:

Offer workshops, seminars, or online courses on legal topics.
Provide training for businesses on legal compliance and risk management.
Legal Compliance Consulting:

Assist businesses in ensuring compliance with various laws and regulations.
Conduct audits and provide recommendations for adherence to legal standards.
Legal Transcription Services:

Provide transcription services for legal professionals, converting audio or video recordings into written documents.
Court Reporting Services:

Become a certified court reporter, transcribing legal proceedings during trials or depositions.
Legal Publishing:

Start a legal publishing company, producing materials such as legal guides, eBooks, or online resources.
Legal Translation Services:

Offer translation services for legal documents, catering to clients dealing with international transactions or legal matters.
Legal Software Development:

Develop custom software solutions for law firms or legal departments to enhance efficiency and organization.
Before starting any business, it's important to research and understand the legal requirements for your chosen industry. Additionally, consider seeking advice from legal professionals to ensure that your business operations comply with all applicable laws and regulations.
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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