Today I came across a twitter post about who buys flats worth 10-20 crores in south Mumbai. The author said people buy those flat for saving taxes using section 54 on Income tax act. According to the act, The taxpayers can claim exemptions under Sections 54 and 54F of the Income Tax Act for capital gains. These provisions offer tax-saving benefits on long-term capital gains, provided these are invested in residential property within a specific timeframe.
So yeah, cool right. Now there is a limit of 10cr tax saving deduction. So I’ll buy my flat when my capital gain is 10 cr oh yeah. Can happen around 35 years.. 8 more years!! or may be earlier if I start a company.
So I am just gonna buy bikes and cars before that. I am looking to but KTM 390 adventure X but there new KTM would be hell a lot better. but I like their headlight. Royal Enfield is also launching a new Himalayan 450, will test drive all these and then go buy!