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Capital Gains Relief after Selling a House - What are my options?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Aug 11, 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 sg on Aug 02, 2024Hindi

Money

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

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: To save tax on long term capital gain; you can invest consideration amount to acquire house property and get exemption u/s 54. As per section 54, if you want to buy a residential house property from long term capital gain from sale of house property 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 property.

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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.

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Can you give me the information that , which type of engineering is best to choose for future demands . As all are taking the computer science AiMl , stream for the better future , is that really most demanding ? If not so , which branch is better to choose.

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Sir, My son is not interested in computer related jobs. However, he has deep interest in physics. Based on his choice, he likes two engineering branches (from good/reputed institute (like VIT/Thapar Institute) - Either Mechanical engineering or Electronics and communication engineering. So, please suggest regarding the following queries. (1) From package/salary point of view, which one would be better - Mechanical engineering or Electronics and communication engineering (Considering, having job in core sector)? (2) From profession growth point of view, which one would be better - Mechanical engineering or Electronics and communication engineering (Considering, having job in core sector)? Please suggest from short and long term perspective.

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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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