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Samkit Maniar | Answer |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

Money

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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Sir, I am senior citizen having interest income of less than 3 lakh per year. This financial year I have received short term capital gain 12 lakh (house property sold and shared between brothers) whether I can gift part of my income to my wife to save on income tax. Please advise how to save on income tax.

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Hi, I will be receiving 10 lakhs after selling the property of my deceased mother. She died in October 2021. This is the share of my property. My brother and my father are also getting 10 lakh each as a share. How can I save taxes on this as buying property of this value is almost impossible?

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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 -

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Question by Prasad - Jun 19, 2024Hindi

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Hi sir, I am planning to sell my ancestral property worth of 2 crores and what should I do to avoid tax issues and how should I invest that fund to avoid tax concerns

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Question by sanjeev - Nov 07, 2024Hindi

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Hello Tax gurus , my father bought the property from my mother’s sister in the year 1974 and registered in the late 1980s in my mother’s name. Now my mother wants to sell the property and divide it equally among her 4 kids ( 2 sons and 2 daughters). My elder brother wants my mother to do a gift deed to save tax . Now I am confused as to what tax will I be saving in this transaction and after gift deed is registered . Can I save tax after we sell the house

Ans: Yes. your mother can Gift 25% share in the Flat to all 4 children. This will not attract LTCG/Income Tax.
It may create practical problems, if any of the child wants to sell his/her share. It is easy to sell Flat, than to sell 25% share in the Flat. You need to consider this aspect, before taking any decision.
Most welcome for any further clarifications. Thanks.

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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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