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Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Oct 19, 2023

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 - May 11, 2023Hindi

Money

We bought a flat for 17 lakhs in 2002, possession was given in 2003. Flat registration was done (stamp duty about 2L) in 2016 in my husband's name. He transferred the flat to my name vide a gift deed in 2018. I sold the flat in 2023 for 95L. Please let me know what is the LTCG applicable on this for me? What will be the cost of acquisition and year of acquisition considered for me?

Ans: Person is required to pay tax on gain earned on the transfer of capital asset (flat). Gain amount is calculated by deducting indexed cost of asset from sale consideration.

Cost to the previous owner (husband in your case) will be considered as cost of acquisition and period of holding will also start from 2003 (date on which husband acquired the flat). However, subject of indexation benefit is matter of litigation. There are judicial pronouncements which allow to claim indexation benefit from the date of acquisition to the previous owner.

You can calculate the capital gain with the help of income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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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Asked by Anonymous - Apr 24, 2023Hindi

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We bought a flat in 2002 for 17L possession of which was given in 2003. However, the registration (registration fees about 1.65L) was done in 2016, in my husband's name. My husband transferred the property to me via a gift deed in 2018. I am selling this property this year (2023) for 95L. What is the LTCG on this property on which I have to pay tax? What will be the date of acquisition and cost of acquisition to be considered on which indexation is to be done?

Ans: Hi,
There are lot of ambiguities in your query. Certain questions that are pertinent are as follows:

Was the Rs. 17 Lakhs fully paid in 2002?
How was the possesion given in 2003 without registration and it was done only in 2016?
What was the proportion of payment that was made by you individually and your husband?

The answers to this query would change based on inputs to the above questions. However, i will try to give a generic response to your queries

Indexed Cost of Rs. 17 Lakhs - Rs. 56,34,286
Indexed Cost of Rs. 1.65 Lakhs - Rs. 2,17,500
Total Indexed Cost - Rs. 58,51,786
Sale Consideration - Rs. 95 Lakhs
Long Term Capital Gain - Rs. 36,48,214

Most critical point here is that this capital gain would be taxed in the hands of your husband and not you as he has gifted the property to you without any monetary consideration. This is based on the clubbing provisions of the Income Tax Act

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Question by Prabodh - Jul 17, 2023Hindi

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Hello Sir, I need your advice in sale of flat, Sir, I booked one Under construction flat @ Virar In June 2004 for Rs.17,74,000 and paid Stamp duty of Rs.67,440 and the Registration charges of Rs.17,740 on that , of which I for possession in June 2014, Sir, I sold that flat in June 2023 for Rs.41,50,000/- Sir, how much I m liable to pay LTCG on that and within how much time I have to pay that tax to the Income tax Authorities, as I do not intend to invest in the new property.

Ans: For calculating tax on long term capital gain on house property, indexed cost of acquisition is required be reduced from sale considered.

Indexed cost of acquisition can be calculated with the help of income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx.

Property is booked in 2004 but payment would have done gradually till 2014. Thus, indexation benefit is available on each of the payment from each of date of payment.

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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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