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Vivek Lala |277 Answers |Ask -Follow

Tax, MF Expert - Answered on May 02, 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 K on May 01, 2024Hindi

Money

I sold my property at Nagpur during November2023 for Rs.44.5lacs. Rs 40k was paid towards brokerage. Iam planning to invest the money either in Real estate or some tax saving bonds during the current financial year.Now, will this amount has to be reported as income for FY2023-24 and tax to be paid even though a 2 year indow is available for reinvesting ?

Ans: Hello, purchase the new house within 1 year before the date of land sale or within 2 years after the sale.
In case of tax saving bonds , the time duration is within 6 months of sale of property
My views on investing in a property to rent out or investing in bonds :
Always pay the tax and invest in a diversified portfolio of mutual funds in order to generate higher returns and to have full liquidity available at all times.

Please note that these suggestions are based on your stated goals and the information you provided. It is always a good idea to consult with a financial advisor in person to better understand your risk tolerance, time horizon, and specific financial goals.

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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Question by RATAN - Jul 28, 2023Hindi

Money

I have some queries regarding tax on sale of my property which I need to show in my Income Tax return in FY-2023-24. I had purchased a flat in Kolkata at a total cost of 8.50 lacs [including registration cost] and registration was done in April, 2004. I had sold the said flat in May,2023 at Rs.31 lacs. My queries are :- 1. Do I need to pay Capital Gain tax on the sale of this flat ? 2. How much tax do I need to pay ? 3. How to show this capital gain income and tax in my Income Tax retirn next year ? Please advise. Regards, Ratan K. Saha

Ans: You need to understand the following things about taxation of your flat:-
1. You have earned a profit (called capital gains in this context) on the sale of your house. So tax is due.
2. However, tax will not simply be 31L – 8.5L. The Govt gives you an advantage of inflation over the years which increases your purchase cost through a process called ‘Indexation’, thus decreasing your tax. Please google and read up on it, or contact a good CA or a financial advisor.
3. You also get credit for registration and stamp duty charges, brokerages paid as also any improvements done in the house of a permanent nature.
4. Please read up on Income Tax Section 54 which also gives out how you can save tax on your final capital gains arrived at.
5. The entire calculations and sale/purchase details have to be shown in the ITR. Most probably you will be filling ITR-2 for this next year but please ascertain the same when you are about to file the tax since rules keep changing.

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Insurance, Stocks, MF, PF Expert - Answered on Sep 07, 2024

Question by Ramesh - Feb 06, 2024Hindi

Money

Hi Sir, I am buying and making full payment for a New Residential Property in Feb 2024 Costing Rs.1.5 Cr. Also, I will be selling one of my old properties for Rs.1.1 Cr. in March or April 2024. This was purchased in 2009 for Rs.36 Lakhs, Capital gains is of Rs.38 Lakhs after indexation. PS. I own 4 Residential Properties as on date. My query is, if I make the payments for my new property from my Savings, prior to selling and receiving the payment of my old property, what is the Tax implications for the Capital gains. Secondly, I have also sold my Mutual Fund with long term capital gains of 12 Lakhs, can I claim tax exemption if I invest in the new Property. Looking forward to your valuable advise. Thanks Ramesh

Ans: You will have to pay LTCG on old property sale @ 20% with indexation which would ~7.6L

Sec 54F benefits are applicable for second property. Since you already have 4 properties in your name I believe you won't be eligible to claim benefit from LTCG accruing out of MF sale transferred to acquire RE property, however suggest you seek alternate opinion from CA.

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Tax Expert - Answered on Apr 26, 2024

Question by K - Mar 08, 2024Hindi

Money

I have sold my housefor Rs.45 lacs in November 2023 which was originally bought in 2001 for 2.7 lacs. 1. Should I show this income in the IT return of 2023-24 FY ?.(2). Can I invest this amount in FD for two years and pay no tax for two years, as I am not planning to invest in other properties or LTCG Account ?

Ans: 1. Income from capital gain is required to be offered to tax in ITR. Subject to certain conditions, it should be offered to tax in which possession is given to buyer.

2. Exemption will be available only if you invest in specified bonds and not by investing in FD

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Tax Expert - Answered on May 26, 2024

Asked by Anonymous - May 09, 2024Hindi

Money

I purchased a industrial property in1993 For 10 lakhs. Now the value is about 22 crores. I will invest the sale proceeds for a house of 1 cr . If I sell the property how much Capital gain tax I have to pay

Ans: Assuming sales consideration is 22 crs then you will get the exemption to the extent of 1/22.

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Asked by Anonymous - Aug 31, 2024Hindi

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ECE VS CSE(AIML) I GOT CSE(AIML) FEE WAIVER SEAT IN G.L BAJAJ (NOIDA) AND ECE IN MSIT(IPU) WHICH HAS BETTER OPPORTUNITIES

Ans: Prefer GL Bajaj-CSE-AIML. All the BEST for Your Bright Future.

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Question by Shirin - Aug 17, 2024Hindi

Career

Computer Science and Business Systems from KJ Somaiya College of Engineering Mumbai or CSE from Manipal Institute of Technology Bangalore or CSE in PESU Bangalore Electronic City campus . Please help me with these choices. Thnx

Ans: Your order of preference should be,
PESU Bangalore (Electronic City Campus) - CSE
Manipal Institute of Technology (Bangalore) - CSE
KJ Somaiya College of Engineering Mumbai - Computer Science and Business Systems (CSBS)

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Tech Careers and Skill Development Expert - Answered on Sep 11, 2024

Asked by Anonymous - Sep 10, 2024Hindi

Career

Sir My son has completed B Tech civil eng from the JIS group Kolkata in this year 2024 and after that he is persuing 6 months software drawing in civil related as BIM , Autocad ext from the MSME govt of India. After completing next MTech or MBA will be suitable for him. There are any demand civil engineer in the present market? Pl convey your advise next what he will study.

Ans: It's great that your son has completed his B.Tech in Civil Engineering and is currently enhancing his skills with civil-related software training in BIM and AutoCAD.
He should try for Govt. jobs.
Your son's decision between pursuing M.Tech or MBA depends on his career goals.
If he wants to deepen his technical knowledge, specialize in a niche area of civil engineering, and pursue careers in engineering design, construction management, or research and development then he should do M.Tech.
If he wants to shift towards management, leadership roles, or work in project management, consulting, or construction business then he should do MBA.

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Asked by Anonymous - Sep 10, 2024Hindi

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Ans: This course is designed for working professionals. So you should do this course along with another course.

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Tech Careers and Skill Development Expert - Answered on Sep 11, 2024

Asked by Anonymous - Sep 06, 2024Hindi

Career

A doctorate from IIT Bombay in Metallurgy and masters from NIT in Manufacturing with 5 years of experience including 2 years in academics and currently working from past 3 years in industry where I work mostly on finite element analyst of forging and bulk extrusion process and New product development as manager heading a team of 5 people. I have working knowledge of 3-4 FE software related to metal forming domain along with ANSYS STRUCTURAL. Despite that I am not getting any interview calls as I am currently looking for a job switch and have put up my profile both on NAUKRI AND LINKEDIN. Some calls are coming to me but that are all irrelevant profiles in which my expertise is not there. I have been trying for the past 6 months but have not got any positive response. Despite such a highly educated person from premier institute and not getting any response is highly depressing. Could you suggest how to apply and where to apply and any other website where I shall make my profile to get a positive response ? I am open to other roles such as metallurgy, product management, operations, vehicle dynamics based CAE etc but companies are just looking for relevant experience and they are rejecting my profile if relevant experience is not found. What to do ? Please advise

Ans: It's understandable that despite your strong qualifications, you're facing challenges in securing relevant interview calls.
Tailor Your Resume: Ensure that your resume is tailored for the specific job roles you are applying to.
Keywords Matter: Use industry-specific keywords on your resume and LinkedIn profile. Recruiters and companies often use Applicant Tracking Systems (ATS) to screen resumes, which rely heavily on keywords.
Take help of professional to restructure your resume suitably.
Beyond Naukri and LinkedIn, explore industry-specific job portals. For your domain, platforms such as EngineerJobs.com, iMetalHub, and MetallurgicalJobs.
Make a list of companies that operate in your domain, then apply of your own.
You can upgrade your skill by doing online courses.
Hope these will help you. Give your feedback.

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Tech Careers and Skill Development Expert - Answered on Sep 10, 2024

Question by Tanveer - Sep 06, 2024Hindi

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I am of the view that CSE is going to be saturated in coming years while as Electronics and communication is going to fetch more jobs ,what is your views about it, secondly I observed contradictory suggestions by your experts ,if one says go for A institute than B but other says no go B than A. I advise aspirants to not be dependent on one suggestion only . Regards

Ans: f your interest lies in both hardware and cutting-edge technologies, ECE might offer better job stability and opportunities in the long term, while CSE could still be highly rewarding if you're inclined towards software, but specialization is key for future growth.

Here machine is not giving answers based on algorithms. Humans are giving answers. When humans are answering personal biasness will play an important role. This is unavoidable.

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Asked by Anonymous - Sep 10, 2024Hindi

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My family is middle class person as majority people. I have doubt and didnt prepare well for gate and i know i will nit able to make it for iits or nits since i am in final year. Right now i am doing btech in it last year, specifically in Sem-7. I believe doing mtech from private colleges like vit, manipal will not help me much and dont able to secure good jobs.. What are foreign universities recommended and countries recommended for ms where i can get entry in basis of only toefl and whole tution fee of ms is between 10-20 lakhs

Ans: The fees in European colleges is lesser than the US colleges. In Europe some countries like Ireland have a lower fees as compared to others. You will have to research which are the good colleges in the areas that you are interested and accordingly apply.

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Question by Mayank - Sep 10, 2024Hindi

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I am 28 years old. I have beem working in a state run PSU for last 3 years.I have a Btech(From private) and Mtech(from IIT Kharagpur) in electrical engineering.For past few months I have been planning to pursue MBA and consequently get into corporate sector. Is it a right time to dive into corporate world given the current situation of job market in India.

Ans: If you are interested than you can pursue MBA. Write both the CAT and the GMAT and see where you get a better college. If you do not get it next year then can try for Executive MBA course which requires a 5 years work ex.

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Question by sunita - Sep 03, 2024Hindi

Career

What is best option in Maraja Agrasen college delhi university and Jaypee noida 128 in CS branch.

Ans: If you are looking for a dedicated technical education in Computer Science with strong placement opportunities, JIIT Noida would be the better option due to its specialized infrastructure and industry connections.

If you prefer the broader academic environment of Delhi University, and are okay with seeking off-campus placements, Maharaja Agrasen College can still offer a good overall experience with lower fees.

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Question by Kunal - Aug 31, 2024Hindi

Money

Hi, My name is Kunal, I am 38 years old and my wife is 30 years old. I will be retired at the age of 60. I have two kids, a boy(9 years) and a girl(3 years). My basic is 57000 and I get 3% annual increment on basic. My take home salary is 48000. I have PPF(12500/M), SSY(2000/M) and LIC(5850/M) and our monthly expenses around 20000. I want to buy a home, children's educational expenses and my retirement goals are 1 Cr. Can you give a valuable strategy, how and where to invest to get my all goals?

Ans: I presume you have endowment type life insurance policy from LIC, the returns from which are not up to the mark. If you can surrender it and take a term insurance plan then you can still save around 50K annually after factoring Term Plan premium of 20K pa, considering your current annual payment to LIC of ~70K. That translates to investible surplus of 4K + current monthly disposal income after expenses: 7K, So 11K SIP can be initiated. 4K SIP for 15 years will led to corpus of 22L+(13%return assumed) for daughter's education

If surrendering the LIC policy is not an option then you can still deploy the current balance of 7K + incremental disposable part of salary each year into a SIP for 22 years considering conservative return of 13% it can still build a retirement corpus of 1Cr+ as desired.

You can fund son's higher education through PPF but for daughter's education you need to hike investments in SSY also to 1.5L pa and for house you will need to find home loan(Use EPF partial withdrawal towards down payment)

Here it pertinent to note that you may need to increase your income in some way maybe either job change or spouse working so to have additional funds to invest for your goal fulfillment. Happy to help if you have any further queries.

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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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