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T S Khurana

T S Khurana   |571 Answers  |Ask -

Tax Expert - Answered on Sep 07, 2026

Money
a. An apartment in a four in one building was purchased by me on 18/02/1991 at a cost of Rs.2,60,000/- b. All the four owners of the building decided to go for redevelopment and Joint Development agreement was done with a builder on 12/02/2019. c. As per agreement total 6 flats will be constructed of which four for original owners and two for the builder. d. The vacant possession of the building was handed over to builder only during June 2019. e. Building demolition permission was obtained on 5/08/2019 f. New Building approval was given on 9/10/2020. ( The delay was due to Coastal Zone permission and new FSI rule approval ) g. Completion certificate was obtained on 8/3/2023. h. There was nil monetary transaction between owners and builder. i. The builder sold his flats for RS.1.04 crore and Rs.1.02 crores respectively 0n 30th June 2023.(ie.on getting completion certificate) j. Now I propose to sell my flat for 1.125 crore. BASIC DETAILS : I. I have Pension income, Interest from deposits and Dividend income from my Bank’s shares and am a regular IT payer. II. I have two house properties of which the above is one and another is a dilapidated house in a remote village with taxable value of Rs.35/- III. I was showing the house property income of Rs.35/- under ITR2 till assessment year 2020-21. IV. On demolition of the above flat in 2019, I was showing the village property only as self-occupied with NIL income under ITR1. V. This continued till assessment year 2025-26. ( It means for assessment years 2023-24,2024-25 and 2025-26 the reconstructed property was omitted to be shown in IT. The effect on taxation is Rs.11/- per year considering the village property’s taxable value) VI. This year I have shown both the properties as self-occupied in my IT return Advise sought: A. How to ascertain the value of property on the date of completion certificate? B. The property not being alienated, the capital gains should be “NIL” as on 2023. But in 2023-24 IT return it was not brought out. What is course correction for it now? C. What will be the Capital gain on sale of this property now - may be during September?
Ans: Relavent dates and figures are :
01. Purchase Price (1991) Rs.2.60 (L).
02. Expected Sale Price (2026) Rs.112.50 (L).
03. No Cost/Expenses were incurred during 12.02.2019 to 2026 (expected Sale date).
04. You will have to pay LTCG based on these figures.
05 (a). TAX PLANNING : You should get a Valuation Certificate from Architect, about the value of your Flat as on 01.04.2001. This can be treated as Cost of your property/flat in 2001. Indexation benefit may be taken from this date & this value.
05 (b). Since you occupied this Flat during the period from 2001 (date of valuation) till June-2019, you can claim Maintenance & Renovation Cost during this period, if any. This shall reduce your tax liability.
05 (c). Cost or Value an on date of completion certificate, is not relevant in this case. Cost of newly build flat shall be considered as explained in above points.
06. LTCG shall be taxed at rate of 12.50% without Indexation or @ 20% with Indexation.
07. Exemption can be claimed u/s 54 if you purchase another Residential unit, with in specified time. You can also purchase Capital Gain Bonds up to Rs.50.00 (L) to save Tax.
08. You are most Welcome to write for any further details or points, if required. Thanks.
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Nayagam P

Nayagam P P  |12553 Answers  |Ask -

Career Counsellor - Answered on Sep 07, 2026

Asked by Anonymous - Sep 06, 2026
Career
Hello sir Can you suggest me which college should I target Based on mht cet in ACAP/SPOT ROUND For tech branch at 85 percentile Ladies obc mh candidature
Ans: Based on your MHT-CET percentile, Maharashtra candidature, OBC category and female candidature, you can consider the following colleges for ACAP/Institute-Level or Spot Round opportunities, depending on the vacancies available: A) Dream – Apply, but don’t depend much on these: 1) PCCOE, Ravet – CSE/AI-DS; 2) AISSMS IOIT, Pune – IT/E&TC; 3) MMCOE, Karvenagar – AI-DS/E&TC; 4) MIT Academy of Engineering, Alandi – CSE/IT; 5) JSPM RSCOE, Tathawade – E&TC/other technology branches. At 85 percentile, these should be treated as aspirational options, with ACAP/spot vacancies determining the actual opportunity.

B) Target – Best ACAP/Spot opportunities: Dr. D. Y. Patil Institute of Technology, Pimpri-Akurdi – AI-DS/E&TC; 7) Dr. D. Y. Patil Technical Campus, Talegaon – CSE/AI-DS; 8) Dhole Patil College of Engineering, Pune – IT; 9) Zeal College of Engineering & Research, Pune – AI-DS/IT; 10) Sinhgad College of Engineering, Vadgaon – IT; 11) D. Y. Patil College of Engineering, Lohegaon – AI-DS/E&TC. This should be the primary focus because these options provide a more realistic balance between college quality, technology branches and the possibility of ACAP/spot vacancies.

C) Safe – Keep as strong backups
JSPM Narhe Technical Campus – CSE/IT/AI-DS; 13) RMD Sinhgad School of Engineering – IT/AI-DS; 14) Pillai College of Engineering, New Panvel – IT/Computer; 15) Terna Engineering College, Navi Mumbai – IT/Computer; 16) SIES Graduate School of Technology, Navi Mumbai – IT/Computer. These should be maintained as practical backup choices if preferred Pune options do not materialise.

Recommended preference order: 1) DYP Talegaon CSE, 2) Dhole Patil IT, 3) Zeal AI-DS, 4) Sinhgad IT, 5) DYP Akurdi AI-DS/E&TC, 6) AISSMS IOIT E&TC, 7) PCCOE-R AI-DS, 8) JSPM Narhe CSE/IT, 9) RMD Sinhgad IT, and 10) DYP Lohegaon AI-DS/E&TC. ACAP/Institute-Level vacancies are dynamic, so these are targets rather than guaranteed admissions; Maharashtra CET Cell requires institute-level admissions to follow the prescribed admission rules and merit process. All The Best for Your Prosperous Future!

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Archana

Archana Deshpande  |132 Answers  |Ask -

Image Coach, Soft Skills Trainer - Answered on Sep 06, 2026

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