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Ans: Yes, any person buying property from resident is required to deduct TDS 1% if consideration/stamp duty value is more than 50 lacs

Ans: You can claim this amount once you file your ITR next year june-july 2024. You can also set it off against the capital gains that may arise due to the sale of the house. Do not forget to pay advance tax in case of any tax liability by June 15th, if you've missed that date then by 15th September.

Ans: Best option for you is to earmark the funds to the extend of house you wish to buy plus some additional fund in such a way that, the interest would be close to 90% of the home loan emi, if you take home loan. After 10 years, you will left with the earmarked fund in the form of fixed deposit and your loan would also be paid off from interest. only some portion may have been paid by you in this process.

Interest on Rs. 100 Lacs per annum @ 7.00% = Rs/ 7.00 Lacs per annum , presuming you have expenses which you will claim as deduction, your next tax liability on interest would be 20%, so net interest in hand per on Rs. 10 lacs would be Rs. 5.60 Lac.

If you go for a home loan for Rs. 40 lacs , presuming you have paid Rs. 10 lacs as your own margin and interes ton home loan for 10 years tenor is 7% ( at this point in time, home loan rates and fds rates are common)., monthly emi would be close to Rs. 52K, total amount for year, Rs. 6.24 Lacs.

Net investment per annum ( 6.24 Less 5.60) = Rs 64000 for 10 years and Rs. 10 year as initial investment.

At the end of 10th year, your fixed fund of Rs. 1.00 cr would be free and your home loan is also repaid.

Total investment of RS. 10 lacs initially and yearly invetment of Rs. 64000/ - for 10 years.

Ans: To calculate the capital gains tax on the sale of your house, we need to consider the acquisition cost, the cost of improvement, and the sale proceeds. Let's break down the calculations:

Acquisition Cost:
The acquisition cost is the amount you paid for the plot in 2006, which is Rs. 3 lakhs.

Cost of Improvement:
The cost of improvement includes the expenses incurred for constructing the house. In this case, it is the bank loan you took of Rs. 10 lakhs in 2007.

Indexed Cost of Acquisition and Improvement:
To adjust the acquisition cost and cost of improvement for inflation, we need to calculate the indexed cost. The indexed cost is calculated using the Cost Inflation Index (CII) provided by the Income Tax Department. The CII for the relevant years can be found on the Income Tax Department's website.

Let's assume the CII for the year 2006-2007 was 122, and for the year 2007-2023 (the year of sale), it was 317.

Indexed Cost of Acquisition = Acquisition Cost × (CII for the year of sale/CII for the year of acquisition)
Indexed Cost of Acquisition = Rs. 3 lakhs × (317/122) = Rs. 7,79,508=19

Indexed Cost of Improvement = Cost of Improvement × (CII for the year of sale/CII for the year of improvement)
Indexed Cost of Improvement = Rs. 10 lakhs × (317/122) = Rs. 25,98,360=65

Capital Gain:
To calculate the capital gain, deduct the indexed cost of acquisition and the indexed cost of improvement from the sale proceeds.
Capital Gain = Sale Proceeds - (Indexed Cost of Acquisition + Indexed Cost of Improvement)
Capital Gain = Rs. 80 lakhs - (Rs. 7,79,508=19+ Rs. 25,98,360=65)
Capital Gain = Rs. 46,22,131=16

Capital Gains Tax:
The capital gains tax depends on whether the property is held for the long term or the short term. In this case, since you held the property for more than 24 months, it qualifies as a long-term capital asset.
For long-term capital gains, you have the option to pay tax at a rate of 20% with indexation benefits or 10% without indexation benefits, whichever is lower. Indexation benefits adjust the acquisition and improvement costs for inflation.

Assuming you choose the 20% tax rate with indexation benefits, the capital gains tax would be:

Capital Gains Tax = Capital Gain × 20%
Capital Gains Tax = Rs. 46,22,131=16 × 20%
Capital Gains Tax = Rs. 9,24,426=23

Regarding the TDS (Tax Deducted at Source) of Rs. 75,000 paid by the buyer, you can claim credit for this amount while filing your income tax return. The TDS can be set off against your tax liability or claimed as a refund if it exceeds your tax liability. Make sure to provide the necessary details and documentation when filing your tax return to claim the TDS amount.

Ans: Hello Vijaya,

Here are a few steps you can take to help plan your retirement:

Assess your expenses: Determine your estimated monthly expenses, including housing, food, transportation, health care, and entertainment. This will give you a good idea of how much money you will need to cover your expenses each month.

Create a budget: Based on your estimated expenses, create a budget that prioritizes your expenses and makes the best use of your resources.

Consider annuity plans: Investing 1.5 crores in annuity plans can provide you with a steady stream of income during your retirement. It's important to compare different annuity plans and consider factors such as interest rates, guarantees, and flexibility before making a decision.

Consider other investment options: In addition to annuity plans, you might consider other investment options, such as bonds, mutual funds, or stocks. These investments can offer potential for higher returns, but also carry greater risk.

Make a plan for long-term care: As you get older, it's important to plan for the possibility of needing long-term care. You might consider purchasing long-term care insurance, or setting aside funds in a dedicated account for this purpose.

Seek professional advice: Retirement planning can be complex, so it's a good idea to seek the advice of a financial advisor. An advisor can help you develop a personalized retirement plan based on your specific goals, resources, and risk tolerance.

Remember, retirement planning is an ongoing process and it's important to review and adjust your plan as needed over time.