Dear All, My question is I am going to sell my property with long term capital gain, I want to know incase I invest/spend that amount on my sister's higher education, may I get deduction?
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Long term capital gain
Replies (7)
No such releif for the above Expenditure available.
Dear Rajesh,
Your expenditures on sister's education will not give you any exemptions,to claim exemptions you must invest as per section 54 0f income tax act 1961.
Thank You
You cannot avail exemption by spending on sister's education.
It has to be used to buy another house witjin 2 years or construct within 3 yrs or invest in approved capital gains scheme
I will provide you the tax planing and advise you on how to proceed on this provided you share the complete facts as follows, feel free to call on contact number shared via personal message.
Amount to be spent on sister's education
> Tell me which institution she is joining and the amount of tution fee out of total fee.
Amount of Property sold
Amount of Capital gain
CA Mayank Wadhera
No you can't. if you purchase a new house you can get deduction u/s 54
Thanks to all dear friends. I admire the responses of all
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