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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Jan 24, 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

Question by Roshan on Jan 09, 2024Hindi

Money

Hello Mr. Vivek, I am retired from private service and now doing technical consultancy, earning some monthly amount which is coming below taxable income. My father built a house on a plot, which was on my name about 30 year back at Chandigarh. The plot was on lease for 30 years and not a free hold. Now we like to sell it off. I have one younger brother and I have share 50% of sell amount with him. Can the tax liability on capital gain, which may be on me, be share with him or not. Please advise. Thanks in advance. R. Lal

Ans: Hello, yes the liability of tax can be shared by both. If the income is coming in your account, you can pay the entire amount of tax and then split the remaining with your brother.

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 Dr - May 13, 2024Hindi

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We sold out father's bungalow Built in 1970 costed around 25 lacs We sold it to 96 lacs last year What will be capital gain tax ? we don't have bills of renovation as of now since sister is quarreling she is refusing to give regn copy of last year purchase even bungalows receipts she is not giving Now what to do? This 96 lacs amount is shared by 4 sister and we 2 brothers Or should I show some property investment in advance please guide me ikpl.ravi@ Gmail com

Ans: 01. As described in your question, you might have received Rs.16.00 lakhs (1/6 shares of Rs.96.00 lakhs), in your account.
02. Keeping in view the cost details which have mentioned, LTCG would just be negligible (may be less than Rs.1.00 lakh in your case). You may pay tax on the same & go ahead, instead of involving in any sort of litigations.
Most welcome for any further clarifications. Thanks.

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Tax Expert - Answered on Aug 02, 2024

Asked by Anonymous - Jun 30, 2024Hindi

Money

My father in law had a house which he constructed in 1990 on a plot cost was 2 lakhs. After his demise the house is being sold for 78 lakhs jun 2024. The proceeds of sale went to mother in law and two daughters. 33.3% each. How will be the capital gain tax be calculated and how will it tax liability for all three. All three are not working now. Help

Ans: Each of the beneficiaries shall file ITR separately and pay tax under the head Long Term Capital Gains. Since the plot is sold in June 2024, it shall be reported in ITR of A/Y 2025-26. Rate of LTCG Tax will be 12.50% (on gain only). Cost of plot as mentioned remains Rs.2,00,000.00, however please add Cost of Construction (which is not mentioned in the question) of house in the cost.
All the three are eligible for relief either by investing in house property or purchasing Capital Gains Bonds of NHAI or REC etc.
Most welcome for any further clarification. Thanks.

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Oct 25, 2024

Asked by Anonymous - Aug 16, 2024Hindi

Money

I have received a property in blood relation from my brother ,which was purchased in 2003 by him 450000 ,the value now in blood relation 125000,who have to pay capital gain, I have sold this property un2024 in 3200000 ,this is residential property, I have to pay capital gain tax ? Or if I purchased commercial property of 32 lakh Will I have to pay capital gain tax Barjindera singh

Ans: Hello, need more details for the same
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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Asked by Anonymous - Feb 20, 2025Hindi

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My father have sold property at 60 lakh and want to divide the amount between us ( we are 2 brothers) to purchase individual properties. But if they gift us then long term capital gain tax of 7.5 lakh is applicable on same. Please advise if he can take 2 properties on his name jointly with us. And if we can apply laon for extra amount that will occur on buying those two properties. Here, I meant 2 separate loans ( one on my name and 1 on my brother name). We want the resolution to avoid capital gain tax and separate properties buying for me and my brother.

Ans: Yes he can purchase 2 properties and claim exemption under Sec 54, (this option is available only once in lifetime).
However, it is suggested to consult CA in order to make calculations and conscious decision with complete details before taking action as there are various factor to be considered before

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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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