R
Rahul Nair
Hi. I have a query. My father sold his property in Kerala. I am planning to buy a land in a project in bangalore.He wants to invest the amount he made on the property in the plot i am buying so as to avoid capital gain tax. Rest I will be financing with a loan. So in order to avoid the capital gains tax should he be made the joint owner or can he gift me the money without any tax implications because we are blood related? Are both ways possible?
Facebook
Twitter
Linkedin
Your father has to pay capital gain tax for his property and gift it to you after paying tax. In the second option he can invest in joint property along with you without paying capital gain tax. We require some details for final opinion you can reach us 7338838605 or consult tax advisor for more clarity.
T&C applyA
Adit Shah
I am a salaried person working in Software company with work from home. I want to pay rent to my parents for claiming HRA. Is there a limit on paying rent to parents?? Or is it like, unless and untill parents are showing rental income received in their ITR, there is no limit??
You can pay rent to your parents provided they own the house and it will be taxable in their hands and your exemption is subject to HRA rules .further you can call me CA K Narasimha Prakash 7338838605
CA Rahul Dwivedi 30 Apr 2022Dear Adit,
A person living in parents’ house can pay them rent and claim exemption for the HRA, provided the parent owns the property. Rent is parent's income so they need to consider the same whiling filing ITR.
For further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
R
Raj Mohan Gupta
I want to invest the total amount (Invested + Gained) after selling shares and mutual fund units in a residential plot. I intend to construct a house on this land within three years.
1. Can I claim LTCG exemption for the purchase of this land?
2. If my parents sell part of their mutual fund units and invest in the same property jointly with me, can they also claim the LTCG exemption?
3. If yes, please suggest the rule and procedure.
Dear Raj,
Instead of Land if you buy or construct new residential out of the proceed of LTCG on sale of share you will get the deduction subject to fulfilment of certain conditions. You can also have property jointly with your father to avail the benefit . for further consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
V
Varun Singh
Hello, please answer , i invested 20000 in crypto last year but lost all of it only 2000rs left do i need to pay tax on it i am just a student and i am scared by seeing that people receiving notice of tax for the unreasonable amount.please answer
You will have to pay tax only when you will sale your cryptos. There is a tax of 30% on the transfer of digital assets from 1st April 2022.
CA Rahul Dwivedi 27 Apr 2022Dear varun,
Tax is payable only when you earn profit from sale of crypto as no profit in your case so no tax liability.
for further consultation you can reach us on ca.rahuldwivedi@gmail.com or 9004485377
B
Bornali
I hv paid for a car purchase an amount of RS 7 lakh from my bank account via neft. So how much income tax I will be charged on this 7 lakh .
