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Should My 73-Year-Old Father Pay Capital Gains Tax on His Rs 25 Lakh Property Sale?

Vivek

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Tax, MF Expert - Answered on Aug 11, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more
Anil Question by Anil on Aug 11, 2024Hindi
Money

Sir Recently my father (aged 73yrs) sold a property which belong to him. He to amount of Rs 25 lakh in his bank account. Will he have to pay capital gain in this case ? if No then its fine if yes then how much ? and suggest proper measures to nullify the capital gain tax. Thank you

Ans: Hello, if property is sold , then yes he definitely has to pay tax on it at 20% after indexation ( consult a CA as he will give a much precise answer in terms of tax outflow once you give him all the details )
There are multiple ways to save taxes , but my suggestion would be to pay taxes if any and to invest that money in an asset which yields good growth or a decent monthly income with growth and liquidity since your father is 73yrs old
In case of investments in Mutual Funds , you can select the following portfolio options for a retired person :
Equity hybrid - 20%
Large and mid cap - 30%
Multicap - 30%
Mid cap - 20%

Please note that these suggestions are based on your stated goals and the information you provided. It is always a good idea to consult with a financial advisor in person to better understand your risk tolerance, time horizon, and specific financial goals.

Do let me know your views on this on my LinkedIn profile, attaching my profile :
https://www.linkedin.com/in/ca-vivek-lala-21a2038b?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app
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