Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Vivek

Vivek Lala  | Answer  |Ask -

Tax, MF Expert - Answered on Oct 25, 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
Asked by Anonymous - Aug 16, 2024Hindi
Listen
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
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.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |8164 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 15, 2024

Listen
Money
My husband and his brother jointly invested in a property 20 years back, for an amount of 8 lakhs (equal share between them). However the property was registered only on the brother's name. Now he intends to sell the property for 70 lakhs and share the sale proceeds with my husband equally. What would be the Long Term Capital Gain tax liability on both the brothers after the sale? Can he transfer my husband's share as 'Gift" within blood relation, being his own brother?
Ans: The Long-Term Capital Gain (LTCG) tax liability on the sale of the property will depend on various factors, including the purchase price, sale price, and holding period. Here's how it's calculated:

Determine Cost of Acquisition: The cost of acquisition for your husband's share would be his portion of the original investment, i.e., Rs. 4 lakhs.

Calculate Indexed Cost of Acquisition: Adjust the cost of acquisition for inflation using the Cost Inflation Index (CII) for the relevant financial years. This indexed cost will be used to calculate the LTCG.

Deduct Indexed Cost from Sale Price: Subtract the indexed cost of acquisition from the sale price to determine the LTCG.

Apply LTCG Tax Rate: As per current tax laws, LTCG on the sale of immovable property is taxed at 20% with indexation.

Compute Tax Liability: Calculate the tax payable on the LTCG at the applicable rate of 20%.

Transfer of Share as Gift:

Your husband's brother can transfer your husband's share of the sale proceeds as a gift within the blood relation. However, it's essential to consider the tax implications of such a transfer:

Gift Tax Liability: Gifts received from relatives are generally exempt from tax under the Income Tax Act. Therefore, your husband should not incur any gift tax liability on receiving his share of the sale proceeds from his brother.

Documentation: Ensure proper documentation for the gift transaction, including a gift deed or a written agreement, to establish the transfer of ownership legally.

Avoiding Tax Evasion: While gifting within blood relations is permissible, it's crucial to ensure compliance with tax laws and avoid any suspicion of tax evasion. Proper documentation and transparency are essential to demonstrate the legitimate nature of the transaction.

Consultation with Tax Advisor:

Given the complexity of tax implications and legal requirements, it's advisable to consult with a tax advisor or chartered accountant who can provide personalized guidance based on your specific circumstances and ensure compliance with tax laws.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Dr Nagarajan Jsk

Dr Nagarajan Jsk   |305 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on Mar 29, 2025

Listen
Career
What are the chances to get merit out in afcat for flying branch if you've cleared all stages till medical but with a slightly average written marks?
Ans: Hi Gaurav,
Greetings.
Whenever we decide to take an entrance exam, it’s important to review the guidelines thoroughly. Like other entrance exams, CDAC has provided details on their website regarding the examination process. Admission is based on the vacancies available in the respective areas, and candidates will be admitted after a proper evaluation.

As you mentioned, there are several stages that candidates must clear for admission, if a candidate achieves average marks (Point 8a. (v) In order to rationalise the marks scored by candidates appearing in different shifts in an objective manner through a statistical method, before declaration of result marks scored by candidates will be Normalised based on the formula ), it can be challenging to predict their likelihood of admission. The Air Force has the discretion to set qualifying marks for any or all subjects of the examination. Below are points extracted from CDAC to provide more clarity about the admission process.

Sometimes, they may even consider a second cut-off if necessary ( Based on organizational requirements, IAF may impose a second cut-off for particular branch and call additional eligible candidates for SSB testing. These candidates will be shortlisted purely based on order of merit for the particular branch. That particular branch should be one of the choices submitted by the candidate at the time of registration. The candidature of candidates thus shortlisted, will be valid for that particular branch only and not for any other branch. In the overall Order of Merit, they will be placed below the last candidate qualifying the First AFCAT cut off marks {Para 9(a) above}. If successful in the selection process, these candidates will be inducted into that particular branch only, subject to vacancies and order of merit. These candidates would be required to submit an undertaking to this effect).

So,If you've decided to pursue this path, then proceed with thorough preparation.

BEST OF LUCK.
POOCHO. LIFE CHANGE KARO!

...Read more

Nayagam P

Nayagam P P  |4401 Answers  |Ask -

Career Counsellor - Answered on Mar 29, 2025

Listen
My daughter scored 94.62 percentile in IIT JEE mains exam 2025 session 1. She belongs to general category. Which colleges she have chances to get admission
Ans: Dr, Here is, How to Predict Your Daughter's Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide

Once the January JEE Main session results are declared, many students and JEE applicants start asking common questions about eligibility for specific institutes (NITs, IIITs, GFTIs, etc.) based on their percentile, category, preferred branch, and home state.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Daughter's Admission Chances Using JoSAA Data
Step 1: Collect Your Daughter's Key Details
Before starting, note down the following details:

Her JEE Main percentile
Her category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Her Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your daughter's admissions!

Follow RediffGURUS to Know more on 'Careers | Health | Money | Relationships'.

...Read more

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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x