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Anu Krishna  |1321 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 18, 2023

Anu Krishna is a mind coach and relationship expert.
The co-founder of Unfear Changemakers LLP, she has received her neuro linguistic programming training from National Federation of NeuroLinguistic Programming, USA, and her energy work specialisation from the Institute for Inner Studies, Manila.
She is an executive member of the Indian Association of Adolescent Health.... more
Asked by Anonymous - Dec 11, 2023Hindi
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Relationship

Hi Anu,Iam completely in to a bad a stage.I lost my job,my son is a disabled kid doesn't have money to run future completely in hell Been a banker for 19 years and not getting any jobs outside Please suggest what should be my next step

Ans: Dear Anonymous,
I do hear you...
It is perhaps time to do something different. You have a wealth of experience of 19 years and it can be put to good use.
Independent consulting in Wealth management maybe something that you might want to consider. There are courses online that help you get initiated in this and using your Banking knowledge it maybe possible to consider this option.
Also, speak with your close circle of friends and family and take their advice as well. It will also help you to take strategic advice from someone in your field and who has also is updated with all the current happenings. Someone senior is what I suggest...
What you need is some direction which this expert in your field can offer...what else you need is some confidence, which you need to instil within yourself.

When something does not work, do something else for a different result...But giving up hope is the worst option...Push yourself to think different and ask:
What else can I do to make things work?
What can I do differently than before for things to align better for me?
How can I keep my state of mind upbeat even though things are not going well for me?

Asking useful questions can change the course of one's life...So keep at it please...

All the best!

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Tax Expert - Answered on Nov 23, 2024

Asked by Anonymous - May 11, 2024Hindi
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Money
Can you please suggest on capital gains as per Indian taxation laws arising in the below two queries : 1) property purchased with joint ownership, me and my wife’s name in 2015 at a cost of 64,80,000, housing improvements done for the cost of 1000000 and brokerages of 200000 paid and sold the same property at 10000000 in Dec 2023? 2) 87% of the proceeds got from the deal i.e 8700000, have been reinvested to pay 25% amount in purchasing another joint ownership property in Dec 2023, 3) I have invested in another under construction property in Nov 2023 by taking housing loan, which is on me and my wife’s name worth 1.4 cr, here the primary applicant is me only while wife is just made a Co applicant in the builder buyer agreement and also on the housing loan . So what are the LTCG tax liabilities arising from the above 3 scenarios for FY 2023-2024 and FY 2024-2025. I intend to sale off the property acquired in (2) by Dec 2024 and use that proceeds to close the housing loan for the property acquired in (3), will this sale of property be inviting any tax liabilities if the complete proceeds received from the sale of the property in (2) would be utilised to close the housing loan taken in Nov 2023 for the property in (3) ? Since in FY 23-24, I would be claiming the LTCG from the sale proceeds of 1) invested in the purchase of property in 2), and I intend to sale off this property in Dec 2024, will the LTCG claim be forfeited on the property sale in (1), should I hold this property at least for further 1 year so that sale of this property in 2) will not invite STCG?
Ans: (A). Let's first talk about F/Y 2023-24 :
You jointly sold a Property during the year for Rs.76.80 lakhs (64.80+10.00+2.00), & sold the same for Rs.100.00 lakhs.
You have jointly also purchased Property No.3 (I suppose it is Residential only), for Rs.140.00 lakhs.
You should avail exemption u/s-54 & file your ITR accordingly. Please disclose all details about sale & purchase in your ITR.
02. Now coming to the F/Y 2024-25 :
You intend to Sell Property No.2, which was acquired in 2023-24. Any Gain on Sale of it would be Short Term capital Gains & taxed accordingly.
Alternatively, you may hold this sale of property no.2 (for 2 years from its purchase) & avoid STCG
You are free to utilize the sale proceeds in a way you like, including paying off your housing Loan.
Please note to avail exemption u/s 54 only from investment in property no.3 & not 2.
Most welcome for any further clarifications. Thanks.

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