Home > Money > Samkit Maniar

Need Expert Advice?Our Gurus Can Help

Samkit

Samkit Maniar

Tax Expert 

157 Answers | 16 Followers

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Answered on Jul 25, 2024

Listen
Money
Hi Samkit, I'm a retired person, 66 years old. Before retirement, I had invested Rs.93.5 lakhs in a commercial real estate in Navi Mumbi in Feb.2017 and registered the property jointly with my wife on 50/50 basis. The value of the property as determined by stamp duty registrar at that time was Rs.73.41 lakhs. The expenses on stamp duty, registration and brokerage was Rs.7.53 lakhs and improvement expenditure of Rs.4 lakhs. So total cost of purchase worked out to Rs.1.09 crores. I sold this property in Feb.2024, exactly after 7 years, for Rs.1.1 crore. Market value (for stamp duty purpose) on this date was Rs.89.89 lakhs. While filing my ITR2 in AY 2024-25, I had split all the above values by 2 and 50% was shown in my ITR2 and the remaining 50% was shown in my wife's ITR2 under CG for showing the capital gain. The system has calculated and shown the capital gain as minus Rs.31.24, i.e. Rs.-15.62 in each of our ITR2. The system has also automatically adjusted my LTCG arising out of other share transactions during the FY. The system allows the remaining loss to be carried forward to next year under CFL. My questions are: (1) Can we both go ahead and finalise & submit the ITR2 as shown above? (2) Can we use the losses carried forward during the next AY to set off our incomes arising out of share market transactions? Thank you so much in advance for your valuable time and advice.
Ans: Yes, seems correct treatment done. You can go ahead with submitting your returns respectively.

Please note that Long term losses can only be set off against long term gains, if that's the case then you can.

Please consult your CA before moving ahead.
(more)

Answered on Jul 24, 2024

Listen
Money
Hi Sir, Could you help me to understand, If below scenario is valid to get tax benefit. Please read all below four points before answering questions. Point1: Sale agreement date of apartment = Jan 2023. Point2: 60 percent of apartment cost(with self + home loan) paid to builder till now (July 2024). Point3: Suppose, I sold stocks(Sept 2024) and invested LTGC to finance remaining 40 percent of apartment cost through instalments (before this FY end Mar 2025). Point4: Expected possession date of apartment = Oct 2025 (Actual home registration date). Question1. Am I eligible to claim this LTCG tax benefit under section 54F in above scenario for FY24 -25? Question2. If I am eligible for LTCG tax benefit , Do we need to put LTGC amount in capital gain account till possession of property? Or capital gain account is not needed , as LTGC amount is already invested to finance the remaining 40 percent of apartment cost in this FY24 -25 ? Question3: If I am eligible for LTCG tax benefit , Can I use LTCG amount for prepayment of home loan in this FY24 -25 and get Section 54F tax benefit ? Questions4: If only option remain is to save in capital gain account for tax benefit in FY24 -25. I really want to avoid to save LTCG in capital gain account. In this case, Suppose, I sold stocks(After current FY e.g. Apr 2025) and use LTCG amount for prepayment of home loan. Can I get tax benefit in this case for F**Y25 -26(**Assuming possession date of apartment = Oct 2025)
Ans: At the outset let me highlight that LTCG and house property are contentious issues.

As far as eligibility of section LTCG benefit is concerned, it is available for purchase of house 1 year prior to transfer of long term assets (i.e. stocks and shares in this case) or 2 years after the transfer of long term assets. Assumingly, you sold the shares in September 2024 then ideally you can utilize the entire proceeds for purchasing the house property from September 2023 till September 2026. However, the property is registered as on January 2023, hence it may be difficult for you to claim the LTCG exemption.

Accordingly, post payment of 10% taxation over gains, you can prepay your home loan.

Please consult your CA before moving ahead.
(more)

Answered on Jun 19, 2024

Listen
Money
I have a Total Gross Income of 7,69,882? After claiming standard deduction (50k) & professional tax (2.4k) .... Along with 80C (1.5 Lakhs), 80CCD(2B) 50k .... Taxable Income comes to 5,16,882. I am filing ITR for FY 23-24 so no option to invest or something. So what are my options to make it below 5 lakh. After some research I found somethings that are applicable to me but not sure whether i can claim them. Any suggestions would be helpful: 1.> 80D we can claim preventive health checkup upto 5000 that is done in cash. Also I have a health insurance of 1999 so that makes it 6999. But for 5000 can i claim without any receipt? For 1999 I got receipt. Or if not 7000 can i claim a total of 5000(1999 + 3000) though for 300p also i don't have receipt. 2.> Food coupon/ allowance can be claimed under 10(14) (i) upto 26,400. But my employer deducts the food contribution from salary shown in payslip. So can I claim this ? Total amount is 10000 3.>. Also we can claim Internet Allowance under 10(14) (ii) but my employer gives internet allowance named as Other Allowance in payslip. So can I claim that . Its total 6000. Also I donot have bills of broadband. Please suggest if I can claim any of the 3 mentioned or anything other than theses that i can claim
Ans: Do you have any education or housing loan? Saving bank interest can be deducted under section 80 TTA.
(more)

Answered on Jun 19, 2024

Loading...Please wait!
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x