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Samkit Maniar | Answer |Ask -Follow

Tax Expert - Answered on May 28, 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 Arnab on May 28, 2024Hindi

Money

I have sold my Pvt limited company where in I had 25% Share in the company, got 4 Cr as proceeds . I have 3 properties in my name jointly with my wife. How can I save tax ? Please suggests

Ans: Unfortunately since you own more than 2 properties in your name there are not much options available.

You can invest in REC / NHAI bonds to the tune of INR 50 lakhs.

Please take your CAs advice before moving ahead.

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: Just having a broad look at your limited information, we are unable to ascertain whether you are liable to pay any tax on property sold as, any long term asset held for more than 24 months is eligible to claim indexation which increase the cost of acquisition, thus resultant gain/loss vary on that.

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I am 75 years old and have a private limited company which will be sold and I am holding 25% of the share in the company. My share of receivables will be around 5Crores. please suggest how can I Save tax on this amount?

Ans: You can reinvest the entire sales consideration into residential property to avail exemption from capital gains, considering you own only one property in your name.

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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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