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Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Dec 02, 2022

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

Question by Arun on Dec 02, 2022Hindi

Money

Sir, if my capital gain after indexation for sale of residential property in current financial year is Rs 67 lakh, can I invest Rs 50 lakh in tax saving bonds this year, deposit Rs 17 lakh in capital gains account, and deposit the remaining in tax saver bond from that account in the next financial year? Please advise.

Ans: No, to avail the benefit of specified bonds, Investment must be made within 6 months from date of transfer of asset (i.e. residential property) and maximum exemption of Rs 50 lakh is available.

Option of investing in a Capital Gains Account is available in case you plan to invest an amount of Long Term Capital Gain earned from a residential property into another residential property and you are unable to utilize money in construction or buying a new property before filing Income Tax Return.

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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Question by Ravindra - Sep 07, 2022Hindi

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Dear Sir, I shall be thankful to you if you can give your valuable answer for my following query. 1. I sold a piece or part of my residential plot to someone, say A in Financial Year 2021-22. From the gains of such sales, I purchased Capital Gain Bonds - 54EC to lessen my Capital gain tax for FY 21-22. I know that the max amount of purchase of capital gain bonds limits to Rs 50 lakh in a Financial Year. 2. Now I intend to sell the remaining part of my residential plot to someone, say B in this Financial Year 2022-23. Can I purchase once again the Capital Gain Bonds in this year 2022-23 also from the sale amount to minimise my capital gain tax for FY 2022-23? Kindly clarify at the earliest

Ans: Yes, you can claim tax exemption on sale of residential plot by investing capital gain amount in specified bonds within 6 months of transfer of plot subject to upper limit of Rs 50 lakh of FY 22 23 and other specified conditions.

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Question by Ravindra - Oct 11, 2022Hindi

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Dear Sir, I shall be thankful to you if you can give your valuable answer for my following query. 1. I sold a piece or part of my residential plot to someone, say A in Financial Year 2021-22. From the gains of such sales, I purchased Capital Gain Bonds -- 54EC to lessen my Capital gain tax for FY 21-22. I know that the maximum amount of purchase of capital gain bonds limits to Rs 50 lakh in a Financial Year. 2. Now I intend to sell the remaining part of my residential plot to someone, say B in this Financial Year 2022-23. Can I purchase once again the Capital Gain Bonds in this year 2022-23 also from the sale amount to minimise my capital gain tax for FY 2022-23? Kindly clarify at the earliest. Waiting for your reply.

Ans: Since you are having separate sale deeds, they will be treated as separate sales. You can invest the capital gain to 54EC bonds as they are in different financial years.

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Asked by Anonymous - Feb 21, 2023Hindi

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I have sold a flat in January,2023 and there is capital gain of 70 lakhs. The yearwise Limit to invest in bonds under 54 EC is Rs.50.00 lakh/annum. Whether I can invest capital gain of 70 lakhs in two financial years i.e. 50 lakh in FY 2022-2023 and 20 Lakhs in FY 2023-2024 ? please guide.

Ans: No, you cannot split the capital gain amount and invest it in two different financial years for claiming deduction under section 54EC. The limit of Rs. 50 lakh is an annual limit, which means you can invest up to Rs. 50 lakh in one financial year to claim the deduction.

Therefore, in your case, you can invest a maximum of Rs. 50 lakh in eligible bonds under section 54EC during the financial year 2022-2023 to claim the deduction. You cannot carry forward the unutilized limit of Rs. 20 lakh to the next financial year.

It is important to note that the bonds under section 54EC have a lock-in period of 5 years. You cannot sell or transfer these bonds for a period of 5 years from the date of purchase.

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Asked by Anonymous - Feb 07, 2024Hindi

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Capital gains on sale of house property is Rs. 1.00 cr. I want to save tax on this amount. There is limit of Rs. 50 lakhs per financial year for investment in 54EC bonds. Can I invest Rs. 50 lakhs in 54EC bonds in one financial year and another Rs. 50 lakhs in 54EC bonds in the next financial year and avoid paying any tax on the full capital gains of Rs. 1.00 cr? The sale transaction is being done in Feb 2024. So the 6 months timeline for tax saving investments in 54EC bonds is spread over 2 financial years. Please advise.

Ans: According to my understanding this is not allowable per Income Tax Act however recommend you to seek concrete legal interpretation and advice on the matter and proceed cautiously as per documented advice.

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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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