Mirror Now
@mirrornow·2.2M subscribers·145K videos
Suggest avenues to reinvest money to decrease tax burden - Property Hotline
Posted
January 19, 2017
Views
17
January 19, 2017
17
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
5:00Now PlayingExpert: Samir Kanabar, EY LLP
Question: I got a 1BHK flat in Yerwada, Pune in 2002- 2003 for Rs 3.75 lakh and sold it in 2016 for Rs 25 lakh. I kept it in capital gains account in nationalised bank. Being told that it is taxable at 20% I want you to guide me on avenues to reinvest the money to avoid the tax burden. Further, it is advisable to invest in agricultural land in my home town?
Answer: The good thing in this case is the right decision taken to park the funds in right bank account. You definitely shouldn’t look at avoiding tax but there are a couple of options to minimize the tax. Ideally, it’s recommended to buy a constructed property within a period of 2 years. Or book an under construction property and ensure that the delivery of the house is within 3 years. Failure to do so, you will have to pay 20% capital gains tax. As the income tax law does not allow investment in agricultural land, you will have to convert the agricultural land to non-agricultural and construct a house on it within 3 years then it seems possible to avoid the tax burden.
Be Un Confused
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
