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Worried Father: Son in the UK Selling Property in Bangalore - Tax Help Needed!

Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on Nov 10, 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 Rajan on Nov 07, 2024Hindi

Money

Sir, Now my son is in UK for the last one year. He want to sell a property in Bangalore purchased 15 years back at Rs.30 lacks, and wants to sell it at 120 lacks and purchase a property in UK. In which way we can get exemption from capital gain tax. regards. p v rajan

Ans: Unfortunately capital gains exemption will not be available in your case since for getting such exemption the property purchased needs to be in India.

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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Sir Recently my father (aged 73yrs) sold a property which belong to him. He to amount of Rs 25 lakh in his bank account. Will he have to pay capital gain in this case ? if No then its fine if yes then how much ? and suggest proper measures to nullify the capital gain tax. Thank you

Ans: Hello, if property is sold , then yes he definitely has to pay tax on it at 20% after indexation ( consult a CA as he will give a much precise answer in terms of tax outflow once you give him all the details )
There are multiple ways to save taxes , but my suggestion would be to pay taxes if any and to invest that money in an asset which yields good growth or a decent monthly income with growth and liquidity since your father is 73yrs old
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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.

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Hi, I am staying in UK. I want sell my house in Bangalore and purchase a house in UK. In this case whether I have to pay the capital gain tax or not.

Ans: This has been answered earlier

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Hello Sir, I recently sold a property that I inherited, and now I’m worried about the capital gains tax. It's a 30 year old property. Are there any exemptions or strategies I can use to minimise the tax on this sale? I’m considering reinvesting in another property—would that help? I'm 45, from Delhi.

Ans: Sir, following are the assumption that I have made before answering your questions since the data is incomplete.
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