Shreyaa Kapoor Instagram – If you sell any capital asset such as stocks, mutual funds, property – taxes come along with it! 🫠
But there are ways using which you can avoid paying any taxes on the sale of shares and mutual funds! 🫡
Under section 54F of the Income tax Act – if you sell the stocks and mutual funds to reinvest the sale amount in property – you will have to pay 0 taxes on long term capital gains made in the stock market!❤️
But this has to be done within 2 years of selling your old house – where do you keep your sale amount till you find the house?😅
Here – CAPITAL GAINS ACCOUNT SCHEME. 🫶🏼
The Capital Gains Account Scheme (CGAS) of 1988 is a scheme introduced by the Government of India under the Income Tax Act, 1961. It provides taxpayers with a means to save on capital gains tax by depositing the proceeds from the sale of certain assets into designated accounts. These accounts are maintained with authorized banks or financial institutions.🙌🏼
Follow the below-mentioned steps to open a Capital Gains Savings Scheme account –
1) Fill out form A and submit it along with necessary attachments like address proof, photo, and a copy of your PAN card.
2) Now make the deposit using a cheque, cash, or demand draft. If you are depositing the amount through cash or cheque, the date of deposit will be the date on which the draft is received.
3) You can deposit lump sum money or in installments.
4) You need to open separate accounts if you wish to invest in various types of assets under different sections.🌟
Found this helpful? Share this with your friends to help them save taxes!🙏🏼
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[capital gains, mutual funds, shares, personal finance, taxes, tax tips, tax saving, share market, taxation, capital gains tax, finance tips] | Posted on 11/Jun/2024 20:00:08
