Do you dream about owning your very own house? 🏡

Well, let me tell you a secret way by which you could save on taxes 💰while taking a lesser risk.

Your first order of business, once you decide to purchase a house, is to start investing money to pay for the downpayment 💸

However, when you sell your investments when making your downpayment, you’ll end up having to pay taxes on the gains made.

👉🏻 Here’s how you can avoid doing so :

Say you invested 20 lakhs in Equity MFs 5 years back, hoping to use it for the downpayment. You plan to purchase the house 1-2 years from now.

Since equity is risky in the short run, you want to move the money to an FD. However, this would bring a tax of 10% on the redemption of MFs 🤯

So you redeem the MFs and invest the entire sale value into a Capital Gains Account Scheme - Type B account under section 54F. This account is like a regular FD where you can deposit money and withdraw it only to purchase a house.

If you purchase a house within two years from the redemption of MFs, you needn’t pay any taxes on the MFs while also protecting the money from stock market influences by moving it towards the CGAS FD 🎉
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#financewithsharan #homeloan #loanofficer #fd

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