Online Copyright Registration in India

Protect your creative work
Books, Songs, film, websites, Software, painting, fashion Design etc
Call now: 09891244487

Ask Our legal Experts, on issues related to Divorce

File Mutual Consent divorce right away

Call at ph no: 9650499965
Search On:Laws in IndiaLawyers Search

To Appeal before CIC - Central Information Commission
For Filing and Hearing contact: Choudhury's law Office
Ph no: 9873628941

Author Topic: Property sale in Mumbai and new property purchase in UAE  (Read 321 times)

0 Members and 1 Guest are viewing this topic.

Offline nabeels

  • Newlaw
  • *
  • Posts: 1
  • Karma: +0/-0
  • Welcome to legal Service India - law forum for free legal Information
    • View Profile
Property sale in Mumbai and new property purchase in UAE
« on: April 11, 2016, 06:22:39 AM »
I have a property in India worth 4.5cr . The property was purchased 9 years back at a value of 46 lakhs. I am planning to sell this property and buy a property in UAE. Is it possible to save the LTCG if I show that the I have purchased a property within 1 year in UAE? Or does the rule says that I need to buy property in India only. Please advise

Offline rajgopal sripathi

  • Veteran at Law
  • *****
  • Posts: 281
  • Karma: +15/-19
  • Welcome to Legal Win Consulting LLP
    • View Profile
    • Legal Win Consulting LLP
Re: Property sale in Mumbai and new property purchase in UAE
« Reply #1 on: April 11, 2016, 07:51:14 AM »
Hi
To save yourself from LTCG, you need to buy a property in India only.

Under section 54 EC of the Indian Income Tax Act, you can invest part of sale proceeds in certain bonds. Additional conditions to be met include that the asset must have been held long term, whole or part of the gain must be invested within six months from the date the transaction is completed subject to a maximum limit of Rs. 50 lakh per financial year. These funds will be locked in for a period of three years and if converted into money within this period, the exempt gain will become taxable. Loans cannot be obtained against these assets (bond investments) and the interest is not tax free.

Another  option is available under Section 54F wherein the gain is exempt from tax if the entire sale consideration is invested in the purchase of one residential house property within one year before or two years after the date of transfer of such asset. Or, the individual can construct one residential house within three years after the date of such transfer. If the entire consideration is not invested, exemption on gain will be allowed only proportionately. This benefit is available only if the individual does not own more than one residential house property exclusive of the one bought to claim exemption under Sec 54F.
Hope this helps.
Rajgopal Sripathi
Mobile:9704772200
email:rajgopal@legalwin.in

 

File a Consumer Complaint
Property verification
Call: 9873628941
 

Lawyers in India - Listed city wise Mumbai
Bangalore
Pune
Pondicherry
Jaipur
lawyers in London
lawyers in Birmingham
Chennai
Allahabad
Ahmedabad
Jodhpur
Indore
lawyers in Toronto
lawyers in Sydney

Cochin
Lucknow
Ranchi
Thane
Janjgir
lawyers in Milan
Johannesburg

Delhi - New Delhi
Chandigarh
Surat
Nashik
lawyers in New York
los Angeles
Kolkata
Hyderabad
Rajkot
Nagpur
lawyers in Dhaka
lawyers in Dubai

Copyright Registration

Ph no: 9891244487

For Mutual consent Divorce in Delhi - Ph no: 9650499965

Home | Bare Acts | Law Forms | Supreme Court Judgments | Legal Advice | Lawyers | Submit article | Sitemap | Contact Us

legal Service India.com is Copyrighted under the Registrar of Copyright Act ( Govt of India) 2000-2016
Get Free legal Advice here from top notch lawyers in India