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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Jun 23, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Question by MUKTESHKBIMAL on Jun 18, 2023Hindi

Money

Hello Sir/Madam, After selling of my land in Bihar (approx 300dhur in 3 to 4 financial years), how to manage my finances? PLS Advise how to save capital gain taxes as i am alone who needs to handle it.

Ans: invest in specified bonds like the Rural Electrification Corporation (REC) or National Highways Authority of India (NHAI) bonds under Section 54EC to avail of capital gains tax exemption.

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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Asked by Anonymous - Feb 07, 2024Hindi

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Sir I given land for developement I got this from my grandfather. I got 70 lakhs capital gain how to save tax in investment

Ans: To save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

To get the benefit of Sec 54F, person should not own more than one house property on the date of transfer of asset and not on the date of acquiring new residential property.

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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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Question by sg - Aug 02, 2024Hindi

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I HAVE PURCHASES A HOUSE 1600000/- + 200000 REGISTERY EXPS NOW I WANT TO SELL AMOUNT HOUSE 3000000/- HOW TO SAVE CAPITAL GAIN PURCAHSE YEAR 2014 AND SELL YEAR 2024

Ans: The tax implication will be 1.3L , which according to me you should pay and invest the money in liquid assets for your future money needs. You can create a balanced portfolio of mutual funds and take a 6% SWP at max from the portfolio created
Do read my latest post on LinkedIn for the same

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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Question by K - Aug 22, 2024Hindi

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Sir, We sold the Agriculture Land in a Village that was in my late Brother's name. We got around Rs.60 lakhs. The money is divided in four parts Rs.15 lakh. 1 portion gave to my Brother's wife, 1 portion to my Mother, another one to my Sister & last I kept Rs.15 lakh. Now my portion of Rs.15 lakh will attract any Long term Capital Gain Tax? How to save this amount by an investment? My Mother's 15 lakh is also with me since she is 82 year old. How I should invest this too? Please advise me. Thanks K Pramod Karnataka

Ans: Just wanted to understand, was the land in your brothers name when he passed away. If yes, then has the distribution happen as per your brothers written Will in place. If not, then as per Hindu Succession Act, it goes to Mother, Brothers wife and brothers children in equal proportions.

Only if none are present it goes to siblings unless you have taken proper NOC from Mother and Brothers wife.

Assuming this is in place, yes your portion of 15 lacs will be subjected to capital gains tax unless reinvested in 54EC bonds or residential house property (assuming conditions are satisfied).

Please consult your CA before moving ahead.

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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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