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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Feb 03, 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 K on Jan 18, 2024Hindi

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How to save tax for the money earned from sale of house property besides bonds and reinvesting in house property? Can I gift the entire money to my son with both of us escaping income tax?

Ans: Options to save tax on sale of house property are limited, as rightly highlighted by you. Further, the reinvestment limit is restricted to INR 10 crs.

Unfortunately, gifting the money to your son will not help.

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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Ans: Amount given to spouse is not an income in the hands of spouse (wife). However, income received from said amount will be clubbed in the hands of husband (gift giver) as per clubbing provisions of income tax.

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Question by K - Jan 22, 2024Hindi

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I am 68 year old pensioner. Last minth I sold my house property getting about Rs 50 lacs. Now 1) Can I gift the entire amount to my son and can get IT exemption for both. 2) Should I show this amount in my tax return as income for current Assessment year.

Ans: Tax on capital gain arises on transfer of house property will be applicable as per the prescribed conditions and required to be shown in Income tax return. However, amount transferred to son as gift is not an income. Thus, not liable to tax.

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Question by Vinod - Jan 22, 2024Hindi

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Income received from sale of property can be utilized for son's foreign education and tax implications if any.

Ans: You need to keep two things in mind -

1. Appropriate taxes need to be paid on sale of property depending upon short term / long term capital gains and
2. Upon remittance of such income (after taxes), there will be a deduction of 5% as tax collected at source (if remittances are more than INR 7 lacs), which will be refundable upon filing your tax return. This 5% is just an additional cash flow requirement that you need to be mindful of.

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Question by K - Jan 25, 2024Hindi

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I am 68year old Pensioner. Last month I sold my house property and earned around Rs50lacs. I w am planning to gift the entire amount to my son in order to get tax exemption. My son is planning to utilise the amount to repay part of his housing loan from HDFC, probably during September 2025 . Now (1)Does he has to pay IT for this amount as he will be spending only in laterhalf of 2025? (2) Instead, if I invest this amount in LTCG or NHAI funds, do I have to pay any tax for this total amount this year?

Ans: Your decision to gift the proceeds from selling your house to your son reflects a heartfelt gesture of support and love. As you navigate the tax implications, it's essential to consider the timing and nature of the transaction.

Regarding your first question, your son won't be liable to pay income tax on the gifted amount until he utilizes it, typically in September 2025. This postpones the tax liability until the funds are actually put to use.

Exploring alternative options, such as investing in Long Term Capital Gains (LTCG) or NHAI funds, could potentially offer tax benefits. However, it's crucial to assess the tax implications and investment suitability carefully. While these avenues may provide tax advantages, it's essential to evaluate their risk-return profile and alignment with your financial goals.

Consulting a Certified Financial Planner can provide clarity on the tax implications and help you make informed decisions aligned with your financial objectives. Remember, every financial choice carries its own set of considerations, and seeking professional guidance can illuminate the path towards wise financial stewardship.

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Good evening sir, I'm in my last year of b.pharm and i'm very confused what to pursue now like m.pharm or MBA , basically i have to earn money as soon as possible but i dont where and how

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The best option after completing your undergraduate degree in pharmacy is to pursue an MBA. However, it is important to gain some experience in your chosen field before starting your MBA. This experience can help you secure a higher salary and a better position.

If you're looking to earn money quickly after your undergraduate degree, consider a career in marketing—you can expect a salary of around 6.0 LPA.

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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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