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Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Jul 09, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Jun 24, 2024Hindi

Money

I have 2 flats, one bought in 2014 and the other in 2018. Can I sell both the flats and invest the combined amount into one property of equal value and avoid capital gains taxes.

Ans: Yes

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have sold one house. Can I invest in two houses to save on capital gains tax

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Question by Ajit - Jan 19, 2025Hindi

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I have purchased a flat in 2010 for Rs25,00,000 and have received possession in December 2024. I have purchased another flat in 2012 for 90,00,000 but didn't get the possession yet. Have availed bank loan and 90% of the payment was done by 2015. Now can I sell my earlier flat and use the capital gains to pay the home loan of the second flat. Will it be exempt from Long Term Capital gains tax?

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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.

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