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Long term capital gain

Rajesh Kumar Verma (Business Advisor) (35 Points)

17 October 2014

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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7 Replies

Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
Replied 17 October 2014

No such releif for the above Expenditure available.

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satyashi (Student C.A. final) (212 Points)
Replied 17 October 2014

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

Mihir (Wealth Manager) (5293 Points)
Replied 17 October 2014

You cannot avail exemption by spending on sister's education.

T R MAHESH (Deputy Head of Finance) (22 Points)
Replied 17 October 2014

It has to be used to buy another house witjin 2 years or construct within 3 yrs or invest in approved capital gains scheme

CA MAYANK WADHERA (CA CS CMA(I)) (789 Points)
Replied 18 October 2014

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