Home > Money > Question

Hi Guest
Sign In | Create an account

Need Expert Advice?Our Gurus Can Help

Vivek

Vivek Lala |94 Answers |Ask -Follow

Tax, MF Expert - Answered on Mar 20, 2023

Question by AKASH on Mar 18, 2023

Money

My father has sold a piece of land and now wants to save capital gain tax. Can I sell my flat to my father under sale deed to get the capital gains benefit to my father?

Ans: There is a tax liability in both cases

You may like to see similar questions and answers below

Mahesh

Mahesh Padmanabhan |115 Answers |Ask -Follow

Tax Expert - Answered on May 03, 2023

Alok

Question by Alok - May 01, 2023

Money

I had sold 3 BHK flat in Sept,2015 and invested the sale proceeds in purchasing a flat in March,2016. this year in March,2023 I sold an ancestral flat purchased by my father in August,2007 and acquired by me through family arrangement and purchased a plot out of entire sale proceeds with intention to construct a house thereon. Pl let me know " will I have to pay tax on capital gain amount".

Ans: Hi Alok
Buying a plot is not considered as reinvestment and eligibility is on buying or constructing a residential house.

In this case if you construct a house on the plot then you could map the capital gains from the sale of the ancestral house against the cost of construction of the house on the plot.

Also, as you have sold the house in March 2023, you would need to open a Capital Gain Accounts Scheme (CGAS) account with any nationalized bank on or before the due date for filing your tax return. The deposit of the capital gain amount in the CGAS account would be treated as reinvestment for the moment.

You need to note that this CGAS account amount has to be utilized for construction within 3 years from the date of sale of the ancestral house.

In case you are not depositing the amount in CGAS account or reinvesting in any eligible assets before filing tax return (of course before due date) then you would need to pay tax on the capital gain portion

(more)

Sanjeev

Sanjeev Govila |89 Answers |Ask -Follow

Financial Planner - Answered on Feb 17, 2023

Asked by Anonymous - Feb 17, 2023

Money

I bought a Flat, with JOINT ownership with my wife, in December, 2021. The Conveyance Deed (amounting Rs.93.60 Lakh) was got executed & registered by the Builder in our favour in May, 2022. This Flat was earlier sold by the Builder to another person but the earlier owner never got executed/registered the conveyance deed and transfered/surrendered back the ownership on settlement of outstanding loan etc. by us, through finance by Bank, in December, 2021. We both are repaying the EMI for this joint property. Now, I have soldout my another house property (built in 2004 and was in single ownership in my name and not jointly with wife) in February, 2023 in Rs.90.00 lakh. Kindly let me know whether the capital gain of property sold by me can be adjusted against the property bought in JOINT TITLE / OWNERSHIP with wife.Thanks and Regards.

Ans: The provisions of Section 54 of Income Tax Act, which allows you to buy a residential property earlier and then sell some other residential property and adjust the LTCG (Long Term Capital Gains) of the latter into the former, is available only if the gap between the two transactions is One year or less.

In your case, you have written that you ‘bought’ the house in Dec 2021, and then ‘Conveyance Deed’ was done in May 2022. This is confusing since the applicability of Section 54 of Income Tax Act is specifically with ‘possession’ of the house.

If you got possession of the house in Dec 21, then the gap between possession of new house and sale of old house is more than One year and hence you cannot adjust the LTCG of the two properties.

If you got the possession of the new house in May 2022, then the Section 54 of Income Tax Act is applicable to you. Since the new house has been jointly bought and both of you have paid for it, then the LTCG of the sold house will be adjusted to the extent of your share in the newly bought house. If it gets fully adjusted, well-and-good. If not, then you will have to exercise other options (buy a property, buy 54EC bonds or pay the tax) as per Section 54.

(more)

Mahesh

Mahesh Padmanabhan |115 Answers |Ask -Follow

Tax Expert - Answered on May 05, 2023

Asked by Anonymous - May 05, 2023

Money

I have booked a under construction flat in May 2022 for 2.80 crs inclusive of GST and stamp duty likely possession in December 2023, Flat is in joint name with my wife on 50:50 basis. I have availed joint Bank loan of 2.10 crores which is partially disbursed approx 1.76 crores up to now. balance will be disbursed before possession. I will be selling by old flat in January 2024 which is in my individual name, which I purchased in July 2017 for 92.50 lacs inclusive of stamp duty, approx selling price will be 1.25 crores. This flat is also on loan of 54 lakhs outstanding .What will be the capital gain against this and can this be setoff against the new flat? Difference amount 1.25 crores(sale price) less 54 lakhs (Bank Loan) balance amount of 71 lakhs I might pay against the new bank loan of 2.10 crores which will reduce the loan to 1.39 crores. Please guide how to go to save the Capital gain tax.

Ans: Hi
You may have a long term capital gain of about Rs. 6.70 Lakhs. Suggestions to avoid paying any tax on this gain would be to pay towards the construction of the new house. This would mean that you may need to sell your house before you take possession of the new house in December 2023 and use the sale consideration to pay to the builder to the extent of approx Rs. 6.70 Lakhs to make it eligible as reinvestment in a new under construction property. This cannot be the other way round i.e. you cannot pay full amount to the builder and take possession and thereafter sell the old house.

If you need the house to stay till the possession of the new property then you could try for a rental arrangement with the buyer of your old house.

(more)

Mahesh

Mahesh Padmanabhan |115 Answers |Ask -Follow

Tax Expert - Answered on May 03, 2023

DEBASHISH

Question by DEBASHISH - Apr 12, 2023

Money

GOOD AFTERNOON MY PARENTS HAVE SOLD A PROPERTY ( FLAT) IN DELHI RECENTLY.( JAN 2023) TOTAL SALE VALUE: AROUND 75 LAKHS THIS FLAT WAS PURCHASED BY THEM IN 2003 AT 4,25,000 . I WANT TO KNOW HOW MUCH MINIMUM CAPITAL GAIN TAX IS DUE FOR THEM. THEY PLAN TO PURCHASE ANOTHER PROPERTY WITH ME. ( SOME CONTRIBUTION FROM MY SIDE) AND GIVE SOME AMOUNT TO MY SISTER ALSO. HOW MUCH AMOUNT CAN THEY TRANSFER TO MY SISTER AS GIFT AND HOW MUCH AMOUNT DO THEY NEED TO INVEST IN NEW PROPERTY TO AVOID CAPITAL GAINS TAX . KINDLY ADVISE ON THE SAME THANKING YOU BEST REGARDS D. MUKHERJEE HOWEVER,

Ans: Hi Debhashish,
Assuming that the purchase was done in FY 2003-04, the indexed cost of acquisition is approximately Rs. 13,56,000 and accordingly the long term capital gain is approximately Rs. 61,44,000.

Considering the above, gift to your sister could be Rs. 13.56 Lakhs and reinvestment in new residential property to achieve Zero tax status would be Rs. 61.44 Lakhs

(more)

Latest Questions

Roopashree

Roopashree Sharma |128 Answers |Ask -Follow

Yoga, Naturopathy Expert - Answered on Jun 03, 2023

Pothugunta

Question by Pothugunta - May 18, 2023

Health

I am having migraine.. I used most of the tablets . Can you please help me to overcome it

Ans: Migraine is caused by multiple reasons, Naturopathy recommends that you identify the cause and then look for a suitable cure accordingly. It can be controlled and even cured by naturopathy therapies, but you need a proper consult. I suggest you visit a Naturopath or an Ayurveda doctor for a complete wellness plan. Until then practice 10 mins of alternate long breathing morning evening on an empty stomach.

(more)

Anu

Anu Krishna |458 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jun 03, 2023

Manish

Question by Manish - Jun 02, 2023

Relationship

Hi mam, I can't getup early in the morning because of my Late night Phone habit. what should I do.

Ans: Dear Manish,
Any habit happens because of repetition...similarly to form a new useful habit, you need to repeat it sufficient number of times for it to become an automatic behaviour.
But you will not be able to form that new habit till you can convince your brain that what you lose from the old habit, you will somehow gain with a new useful habit.
So, ask yourself, what it is that I gain by being on my phone late night? Is it fun? Is it keeping me away from loneliness?
Now create, the same through your new habit...the same fun, the same company...you can join a gym, you can be a hobby...
These are mere examples...now apply it on to your situation and change...

All the best!

(more)

Anu

Anu Krishna |458 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jun 03, 2023

Asked by Anonymous - Jun 02, 2023

Relationship

I am a 45 years old Indian living in the US for the past 10 years with the family. Despite having a steady job and a pay which typically is considered high, I end up spending more than my income. My wife also works full time with good pay as well but she thinks it's my responsibility to provide and she just saves all her money in her own accounts. We have multiple properties on both our names including cars but only I pay. I pay for groceries, bills, travel everything. On discussing about the expenses, which I have done multiple times so far, she says I should be ashamed to expect money from a woman. If this continues, I will reach retirement age kind of broke I feel. Also, I will spend sleepless nights thinking about finances until then. Please advice.

Ans: Dear Anonymous,
Like in any partnership, marriage is one such partnership where everything is usually shared. But I do know of couples, where they mutually agree that one partner takes care of the bills and the other education etc.
In your case, your wife has been saving up and you have been bleeding dry of your finances.
But why exactly are you spending more than your income? Financial mismanagement? Maybe that's why your wife is worried that it might happen to her portion of the income too?
Having said that, I guess your wife also needs to move past the belief that the Man is solely responsible for bringing money home. By that logic, she should never have worked, right?

Since she is working as well, she can contribute towards the family to the extent it can help but it is also imperative that as a woman she keeps some finances saved as a back-up for herself. It provides a good safety blanket for a woman since she possibly feels that you are spending more than what you earn.
It's up to you to bring about the subject without her feeling that you are out to spend all her money. So, you really need to start with managing your finances better...I am sure things will get better from thereon...

All the best!

(more)

R P

R P Yadav |52 Answers |Ask -Follow

HR, Workspace Expert - Answered on Jun 03, 2023

Hanumanthrao

Question by Hanumanthrao - Jun 03, 2023

Career

Dear Sir, Im running 53 age, basically im BA + PGDHRM Graduate +Computer course Now iam a private company employee working as Sr.Executive office, i have blindly worked 17 years in our existing company without any strong financial benifits. and having low salary. Now I decided to do data science or any company work related course for my better carrier for remaining work period. so, my question is, can i get a better job in any company in this age, and also please inform me which course is better to me for my remaining future. (short term course). Now im working perfectly in MS Office & Tally.etc. please guide.

Ans: Dear Mr. Rao,
As you are already 53 and would be reaching superannuation in a few years, it is advisable to stick to the same company. If you want to change, you must look to upgrade your skills in AI and Data Science. These are the 2 skills which would be in high demand in the next 2 years and shift to a good company.

(more)

Anu

Anu Krishna |458 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jun 03, 2023

Mahi

Question by Mahi - Jun 02, 2023

Relationship

Hi Anu, I hope you're doing well. I'm a 24 year old girl working as a software engineer. I was in love with a boy in long distance relationship and I met him only once. We both had great understanding, respect on each other. It was all good between us. On February 2023, he called me one day saying that he wants to tell his parents about our love matter. I said okay and asked him what he wanted to do if his family disagrees. He said that he'll wait until his family approves. I was okay with it and he informed to his family. But things started changing after he talked with his family. He wanted to break up with me. I told him many times that I wanted to be with him and don't want to break up. But, he didn't agree. Eventually, we stopped talking with each other. It was hard for me to move on but after few months, i finally decided to move on with my life. Then suddenly he messaged me saying that he wants to get back with me. I didn't agreed as I lost my trust on him. He even informed his family about getting back with me and they were okay with it. He wants to marry me. But, now the problem is I still like him, but I lost trust in him. I wanted to give him a chance but I'm afraid because of past break up with him. I'm confused about what should I do? Anu, can you please suggest me about giving him a chance or moving on with my life?

Ans: Dear Mahi,
Thank you for asking. I am doing well and trust that you too will be in the same space as well.
When what he has done has broken your trust, it is difficult to get it back... he has come back, but you are perhaps thinking: what if he pulls the same stunt again? And this makes you question every move of his...

If you look at it from his point of view, he possibly also loves you but his family pressures are getting to him and he can do only that much. Yes, it would have been more 'human' to talk to you about what had happened after he spoke with his family. But he chose not to and that lack of transparency is what has thrown you off...perhaps, he isn't all that mature emotionally or feels that he might lose you if he shares anything.

Whatever it is, your loss of trust on him is justified after the way he had behaved. If the two of you still want to give your relationship a chance, kindly do so...and clearly state to him that you have lost trust on him. Not only does he have explaining to do but he must reassure you that he will be honest with you in future. Also, give some time before committing to a marriage while you watch whether he has changed and he is consistent with what he has committed to changing. Only when you are sure, take a decision either way!

All the best!

(more)

Anu

Anu Krishna |458 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jun 03, 2023

yadnya

Question by yadnya - Jun 01, 2023

Relationship

Hi currently i am doing bsc biotech with also i am doing neet preparation sometimes i feel pressurised i tried my best but due to two at time i get low marks than actual cutoff this year I feel disheartened can you suggest me how to think clearly and boost my self confidence how to work now as i feel like lost

Ans: Dear Yadnya,
Competitive exams are such! The mindset that is required to attempt these is not just hard work but also RESILIENCE; which means adapting the mind to reality with its challenges thrown at you...
It's not the question of mere passing or failing but a certain level at which you are required to perform. How will you know that before you sit down to write the exam? So, yes...there is a faint bit of luck involved perhaps...

Having said this; as much as you have put down structure and process to the way you study, put down a plan of how you will manage your mind irrespective of the outcome. Do not be attached to the results, but keep it as a Goal point! Attaching yourself to the outcome that is not in your control will only get you all stressed up...

1. Write down your Goal clearly
2. Put down a neat plan of action to achieve it
3. Break down the action plan into what you will do everyday
4. Do some physical exercise everyday
5. Set aside time to meet friends
6. Remind yourself that this exam is not the end of your dreams but one of the ways to live your dreams
7. Journal everyday to release stress

All the best!

(more)

Roopashree

Roopashree Sharma |128 Answers |Ask -Follow

Yoga, Naturopathy Expert - Answered on Jun 03, 2023

Hari

Question by Hari - Mar 16, 2023

Health

Good morning Madam..I am 57 years old, working as Deputy General Manager in a PSU (Coal industry). I don't fall into sleep atleast for about 90-120 mins after going to bed. Pretty much disturbed sleep even after that. Not more than 3-4 hours of sleep. No habit of afternoon nap too. Usually hit the bed at around 9.15PM. Dinner completes by about 8.15PM. Strict vegetarian and teetotaler. Rarely eat out. Do pranayama for about 15-20 minutes first thing in morning on empty stomach. What should i do to get sufficient sleep? Hari Narayanan

Ans: Hello Sir, you need to increase the gap between dinner and sleep to a minimum of two hours so that the food is completely digested. As a part of sleep regime - take a stroll outside or even inside the house one hour after dinner for abt 15-30 minutes, depending on your stamina. A good sleep also needs a relaxed mind, therefore, try anulom vilom for 10-15 minutes and 5 minutes of Om chanting before your lie down for sleep. Hope this helps. You can also try half a cup of chamomile tea before hitting the bed.

(more)

Neeraj

Neeraj Batra |8 Answers |Ask -Follow

CA, CS, Commerce Expert - Answered on Jun 03, 2023

MICHAEL

Question by MICHAEL - Jun 02, 2023

Career

hi sir, my daughter has just got her 10th std results of 67 percent and is very upset.what are her chances of getting into a good reputed girls college in mumbai.what are her career chances in commerce.she want to persue a career in teaching line but is insistent in going for commerce.your advice please

Ans: She can go for commerce or arts. Thorough both she can have good career as teacher. There is huge demand for good teachers. She should analyse as to why she didn't score well in 10th. Possibility that she didn't like science and/or maths. It is ok, every student has their own strengths & weaknesses. Also she can decide upon being College teacher by clearing applicable exams after graduation or if interested she can start her own classes in future or join reputed coaching institutes.

(more)

Ulhas

Ulhas Joshi |89 Answers |Ask -Follow

Mutual Fund Expert - Answered on Jun 02, 2023

Mirza

Question by Mirza - Jun 02, 2023

Money

How is my portfolio do you recommend any changes. 1.parag parikh flexi cap 2.nippon small cap 3.sbi blue chip direct pkan 4.kotak small cap. 5.dsp nifty 50

Ans: Hello Mirza and thanks for writing to me. You have 2 Small Cap oriented funds and 1 Index Fund.

You can consider continuing to invest in Kotal Small Cap, pause investments in DSP Nifty 50 and begin investing in Edelweiss NIFTY 100 Quality 30 Index Fund, pause investments in Nippon Small Cap Fund and begin investing in SBI Focused Equity Fund.

(more)

Ulhas

Ulhas Joshi |89 Answers |Ask -Follow

Mutual Fund Expert - Answered on Jun 02, 2023

Vineet

Question by Vineet - Jun 01, 2023

Money

Hello Sir, Currently these are my SIPs. Could you let me know your opinion. Around 68k worth SIP i invest in Axis Bluechip Fund - 5k Pgim India midcap opportunities - 6k DSP global innovation fof - 10k ICICI prudential technology - 8k Axis Small Cap - 10k Nippon India Pharma - 6k Mirrae Asset Emerging Bluechip - 2.5k Parag Parikh Flexi Cap - 10k Kotak Emerging Equity - 4k Motilal oswal nasdaq 100 for - 5k

Ans: Hello Vineet and thanks for writing to me. The funds you invest in are good funds and you can continue to invest in them.

(more)

See more questions »

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN