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Hanna Sharma
Son wants to claim exemption u/s 54F (sale of plot) & father wants to claim exemption u/s 54 (sale of Residential House). Can they both invest in single Residential House in joint ownership to claim their respective exemptions?
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Yes... There is no restriction on joint ownership for claiming Tax exemption. The respective owner will be eligible for exemption subject to his share … provided investment is made within prescribed time and as per IT Act Guidelines
T&C applyS
Shoaib S
I am working on starting a firm which raises funds from people and then invest in existing profit making manufacturing industries which are pvt, what do i entitle this firm as? call it as venture capital? or what exactly to entitle it and register ( the firm will become partner with manufacturing industry till the deal is completed and exit through plan)
You are basically accepting loan from people and investing in the industry and if you are doing it in your name then be careful as now because of new ordinance passed regarding unsecured loans you can get yourself into trouble either get your business of accepting loan registered with RBI or dont provide such service.
T&C applyG
G Sandeep Kumar
I made an agreement with a builder M/s CSK Realtors for an amount of Rs18,00,000/- on 26/03/2012 which includes the price for land of 267Sqyrds and G+1 floor residential house construction with furniture on plot.no :455, to be handed over within 30months of agreement.
But, the construction was not done due to presence of HT lines (Power lines) going above to my plot : 455. Hence, the builder cancelled the registration (sale deed) of plot: 455 and registered a new plot : 483 on my name on 30/03/2016. But in the earlier made agreement plot no was not revised in writing to new plot 483, still builder agreed to complete the house as early as possible in the new plot 483.
Builder handed over the constructed house on plot 483 to me on 16/08/2018 and mutually agreed to terminate the agreement.
On 25/02/2019 I have sold my house at plot 483 to another party for an amount of Rs25,00,000/-
In this scenario I have following doubts regarding capital gain tax and investment of the received capital gain amount to avoid tax.
1. Whether these capital gain comes under long-term or short-term capital gain. What is the capital gain amount of this transaction?
2. What will be the tax I may need to pay in either case, if proper capital investment is not done in time?
3. I purchased an open residential plot on my name on 22/05/2017 for amount of Rs17,51,000-(sale deed document value is 5,01,000/-) with additional loan of Rs12,50,000/- from LICHFL as development charges for the layout. Whether this investment can be considered as investment of my obtained capital gain to avoid tax. If yes, what is the procedure to file my tax filings?
4. If above case cannot be considered for my capital gain tax saving, what are the ways to save from capital gain tax?
The capital gain on sale of such house constructed on 16/08/2018 will attract short term capital gain.
Short term capital gain would be around 7 lakh and it would be charged according to the section.
We need to discuss all the things in detail because if its short term capital gain then you can't save any tax, however if there are certain details and if we can convert it into long term capital gain then may be we can save some tax by such investment.
you can reach out to me at canamanmaloo@gmail.com for further discussion.
R
Ritu
I have sold a property and now i am getting an hefty tax amount to pay. please advice
Although the answer will depend on the amount of capital gain and calculation thereof, a general way to save tax is to invest in a residential house property or in specified bonds.
Contact on 9719144360 for further details
The Tax exemptions are available for Capital gains on ale of Property. You can contact at 9891013809 to discuss.
CA Chirag Mirani 11 Mar 2019You can get benefit of two exemption and save you tax . for that you have to investment in property or and in bond . more details contact me on 8347020490.
I can help you out in tax planning and investment
Reach out to me @ +918355841137
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Shikhar Garg
I have an education loan. Now, my father is willing to pay it off. Who should file the tax return for this loan repayment, me or my father?
you can claim deduction of interest paid.For more details contact on 9708549709.
CA Chirag Mirani 11 Mar 2019It can be taken in that person who is paying that loan .
"For more Details contact me ( CA chirag Mirani).
Email. chiragmirani23@gmail.com and Phone +91 8347020490"
