My late father bought a plot of land in 1999. The exact cost he paid is not available. He gifted it to me in August 2022 through a duly executed gift deed on which proper stamp duty was paid. Now, I am planning to sell this plot for two Crore rupees in November 2024. Can … Read more
I’m a US citizen holding an OCI (Overseas Citizen of India) card. I own three apartments in India that I purchased in the early 2010s. I plan to sell two of them—one in December and the other in February 2025. Against the sale of these two apartments, I plan to buy two new apartments. Can … Read more
My mother-in-law owns the residential property where we all reside. My husband passed away last year, leaving behind a daughter and a son. The daughter is now 21 years old, and the son is 15 years. She has decided to sell the property to fund the purchase of a house for me and my children. … Read more
I am a non-resident Indian Citizen working abroad. I sold my agricultural land on 15 October 2022. As per Sec, I deposited the indexed capital gain in a capital gain account with a nationalised bank. 54B to purchase another agricultural land within two years from the date of sale. i.e. by 14th October 2024. But … Read more
I’ve taken a two-year leave of absence from my job to travel and indulge in my interests. My revenue from mutual fund redemptions last year was ₹5.1 lakh; all of these were long-term holdings. The approximate long term capital gain was ₹2 lakh. Is there going to be any tax due this year, and if … Read more
New investors should be cautious as they invest in the financial markets since we are already half-way through the bull run. And a lot of sectors and stocks are trading at a very high premium to their P/E averages, says Jayesh Faria, Director, Regional Head, West, Motilal Oswal Private Wealth in an email interview with MintGenie. He also … Read more
I am 78. I sold a shop I purchased in 1999 for ₹2.40 Lakh and spent ₹1 lakh on better looks and convenience in 1998. I am planning to sell it for ₹18 lakh in August 2024. Can you advise me how much the capital gain will be?How can I save the tax? As the … Read more
Though income tax laws generally do not differentiate between a resident Individual taxpayer and a non-resident taxpayer, certain tax benefits/concessions are available to a resident individual only and not to a non-resident taxpayer. Let us discuss this in detail. Age-based differentiation A resident taxpayer below 60 years old enjoys total tax exemption for income up … Read more
Land and building owners now have a reason to cheer. The government has proposed an amendment to the Finance Bill 2024 regarding long-term capital gains (LTCG) tax, thereby relieving property owners of the extra tax burden that would have arisen on account of the latest changes announced by Finance Minister Nirmala Sitharaman on July 23 … Read more
The finance minister’s latest announcement may have unsettled some investors, but the overarching goal of the Union budget is clear: simplification. For years, taxpayers have called for less confusion and more straightforward tax compliance. In response, the Finance Bill 2024 introduces changes designed to streamline capital gains provisions significantly. Currently, the capital gains regime features … Read more