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Chiranjiv Waghmare
I am individual imported goods from turkey and DHL is charging me 28% IGST stating that I am an individual. I want to know the IGST % for imported goods for individual
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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?
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He can gift you the property, but he will have to pay capital gain tax for that. However, the gift will be exempt from tax. And you can use the proceeds to buy the land.
For a detailed discussion, you can connect with us at ca.pujasharma@outlook.com
Dear Rahul,
As per my understanding capital gain exemption is not available on Investment in Land or plot. So your father has to pay LTCG/STCG on sale of residential Property. However Gift is exempt in your case.
Please note your Father's investment can be planned in a proper way to save capital gain for that some additional details & discussion required.
For Further consultation you can approach us on ca.rahuldwivedi@gmail.com or 9004485377.
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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?
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.
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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.
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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
