Home > Money > Question
Need Expert Advice?Our Gurus Can Help

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

Vivek

Vivek Lala  |305 Answers  |Ask -

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
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money
Latest Questions
Rajesh Kumar

Rajesh Kumar Singh  |58 Answers  |Ask -

IIT-JEE, GATE Expert - Answered on Feb 19, 2025

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x