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Mihir Tanna  |1053 Answers  |Ask -

Tax Expert - Answered on Aug 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
AMARESH Question by AMARESH on Aug 17, 2023Hindi
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I had one house and two flats. I sold one house in May 2023. I sold one flat in August 2023. My house sale gave me a capital gain and my flat sale gave me a capital loss. I have three questions. 1. Can I net out the capital gains by deducting the loss on sale of my flat 2. Can I invest in a new flat for the net capital gains amount to get exempt from paying capital gains tax. 3. If answer for 2 is no, can I invest in 54EC bonds to get exemption from paying capital gains tax

Ans: Taxable capital gain is the net amount of gain earned from all the capital asset. Thus, Capital gain from 1 capital asset can be set off against loss from another capital asset.

Section 54 provides that in case person transfer house property and invest gain amount in acquiring new property, capital gain will be exempt. So you can invest net capital gain in new property within specified time limit.

Person must buy the residential house property 1 year before or 2 years from date of such transfer of property or construct the house property within 3 years from date of transfer of property.
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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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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