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Samkit Maniar |180 Answers |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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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?

Ans: 54 EC Capital Gain Tax Exemption Bonds of REC and PFC

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We 3 brothers have sold in June 23 a property built by our father in 1953 in a town in East Bardhaman. My share is say Rs 6 lacs. What best can be done to avoid capital gain tax. I am submitting ITR every year.

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.

We suggest you to get the fair market value analysis done for property by government authorized valuator as on April 2001 to get a clear picture whether you really are liable to any tax on gain. Further suggestion in this regard can be given thereafter and having full information about the subject.

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Asked by Anonymous - Mar 05, 2024Hindi

Money

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.

If you own two properties then only to the extent of 50 lacs, the exemption can be availed.

Please seek guidance from your CA as well.

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Question by Sagnik - Oct 30, 2024Hindi

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I am 78 yrs old . I own a land with my 3 brothers who aren't alive any more. They are succeeded by their children. The property is supposed to get sold at 3 crores. So I would get 75 lakhs approx. I have two sons who are working in different companies. Can you please suggest ways to save tax on the LTCG ? I am open to include my sons and my wife in the transaction if that allows to save tax. I don't want to invest in property anymore. I am posting this question for second time. Pls answer.....

Ans: 01. You are liable to LTCG on your share of sold property.
02. Involving your sons & wife won't help from i.tax point of view.
03. If you don't want to invest in property anymore, you may purchase Capital Gain Bonds u/s 54(EC) from REC or NHAI etc., up to a maximum limit of Rs.50.00 lakhs.
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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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