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Dr Hemalata

Dr Hemalata Arora  | Answer  |Ask -

General Physician - Answered on Jun 15, 2023

Dr Hemalata Arora is a senior consultant who practises internal medicine at Mumbai’s Nanavati Max Super Speciality Hospital.
In a career spanning over 24 years, she has focused on managing infectious diseases, critical illnesses and lifestyle disorders.
Dr Arora completed her MBBS and MD from the King Edward Memorial Hospital and Seth Gordhandas Sunderdas Medical College in Mumbai.
She is ECFMG certified, accredited by the American Board of Internal Medicine, Diplomate of the National Board and a DNB faculty.
She was honoured with the Paul Bunn award for her promising performance in the field of infectious diseases at SUNY Upstate Medical University, New York.... more
Ramchandra Question by Ramchandra on Jun 14, 2023Hindi
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Doctor , I am 54 years old , 86 Kgs and 6 feet 1 inch tall, pure vegetarian, in 2017 I was diagnosed with high BP it was monitored by a MD physician in Mumbai and I was started with telma 40 1 tab daily in 2020 my BP shot up against inspite of daily mediation all tests including cardiac were perfect , medicine was changed and I was given olmesartan 40 along with 5 mg , S numlo 5 mg my BP is around 130/80 sometimes 130/90 , is this combination fine or should I reduce the dosage , doctor says let the dosage be the same continue in same way walk 20 min a day and maintain minimum salt intake, also since 2017 we started using sendha namak instead of regular iodised salt , daily morning 1 a to z , every month d3 60 k and twice a week b12 meganeuron of plus please advice if all this fine or need to change/add anything at present everything is good

Ans: Hello. All the above is fine.
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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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