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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Feb 05, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by VSPMANI on Feb 05, 2024Hindi

Money

Feb 2021 Sold A housing Property.Invested the CAPITAL GAIN in SBI Cap Gain Scheme in Jul 2021. Neither a house purchased nor constructed. How to save Cap Gain TAX. Can the 2-3 years parking of Cap Gain be extended..Am I toPay the Tax now

Ans: Unfortunately, the capital gains will need to be paid.

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.

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Question by VSPMANI - Jan 19, 2024Hindi

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I have sold a house for Rs 2250000/ on 19 Feb 2021 (The house was purchased by me in 2000. Capital Gain for the said house was calculated by me to 1069000.The amount was deposited in SBI Cap Gain Savings scheme in Jul2021.Neither I purchased any land nor I purchased a flat till now. Can I ask extension of a year to construct a house above my existing single storey residence or If no extension how much of percentage LTCG Tax to be paid by me.I have not withdrawn mt CGSS ac from Bank. When I went for closing Bank askin Approval from the ITO. Please guide me to save the tax

Ans: No, there is no such provision in income tax, allowing extension of period prescribed for exemption. You have to pay tax @20% plus applicable surcharge cess in the year of expiry of 3 years from transfer of original asset.

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Question by VSPMANI - Feb 17, 2024Hindi

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Sir I have sold a 1bhk house after keeping it with me for about 20 years After deducting my expenses on its improvement like re wiring, floor replacing, compound wall Erection et.sold that house on 20 feb2021. I have parked my cap gain 1069000 in SBI cap gain savings account on 19 Jul2021. I declared ?1069000 in my return on 31 Jul 2021.But neither I could purchase a house nor I constructed a house. Iam a senior citizen retired from IAF. Drawing pension. I do get vehicle insurance commission and MF distributor commission.How to avoid cap gain Tax. As my Capgain ac completes 3 years my amount will be transferred to cap gain scheme A ( savings ac) Am I to pay advance tax for this amount. My pension and commission amount comes yearly around 4.40 lakh. Will this amount also be added to cap gain and tax will be assessed as regular income and my liability to pay advanvance tax. Or I have to pay advance tax only for the amount 10.69 lakh. Will my regular income other than Capgain be liable for 30% with Edu cess and with liability pay advance tax

Ans: Considering you do not have business income and are a senior citizen, advance tax provisions do not apply to you.

As far as capital gains is concerned the amount of deduction claimed in the year when the said amount was parked in the capital gains account scheme will be reversed after the 3 year time period and same will be taxable.

Please take your advice from CA as well.

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Question by Anand - Jun 05, 2024Hindi

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Dear sir i had purchased a commercial property in 2010 for 9 lakhs and now selling it for 60 lakhs how can i save capital gain occured on it? Even ready to invest.

Ans: You have to first calculate the capital gains after indexation and than you can either pay tax or invest in capital gain deposits.
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I purchased flat in Pune in Jan 2005 at 12 lakh. I sold flat on June 2024 at 61 lakh. What is my capital tax gain. Whether I can adjust my capital gain losses which is carrying forward from 2021-22 of about 23 Lakhs.

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The approximate Long Term Capital Gain would be about Rs. 22.45 Lakh. Subject to all conditions of carry forward of losses being met, the loss of Rs. 23 Lakh brought forward could be set off against the long term capital gain

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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.

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