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Mihir

Mihir Tanna  |876 Answers  |Ask -

Tax Expert - Answered on Apr 26, 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 - Mar 11, 2024Hindi
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Hello Mihir, Hope this mail finds you welI ! I purchased a flat jointly with my father in 2008 for 14 lacs. I am the first owner. My father passed away in 2014. Now I want to sell this flat for approx. 40 lacs. I have below queries : 1) I have 1 brother & my mother, will I have to do some legal documentation to transfer their rights to my name ? What is this process & how much time & money it takes ? 2) Will it be advisable to sell the flat by transferring full share in my mother’s name ( Sr. Citizen) to save tax ? 3) How much will be tax in my mother’s case and also if I sell the flat in my name ? 4) How can we save the taxes ? Thank you in advance

Ans: In case of death, legal hair becomes owner of property, unless they surrender their rights in the said property. Please contact consultant for more information.
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 - May 02, 2024Hindi
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My mother had a flat in Delhi which she wants to sell and give me the money to buy a flat in Bangalore. The Delhi flat will sell for approximately 1 crore and the Bangalore flat will cost about 2 crore- for which i will take loan. I wanted to know if i want to avoid paying tax on money received from Delhi flat, should i buy the Bangalore flat in joint name with my mother? If yes- will she have to be main owner, or can i be the main owner with she being co-owner?
Ans: If you're looking to avoid paying tax on the money received from selling the Delhi flat, purchasing the Bangalore flat jointly with your mother could be a viable option. However, there are some considerations to keep in mind:

Ownership Structure: You have the flexibility to choose the ownership structure based on your preferences and tax implications. Both you and your mother can be joint owners of the Bangalore flat, with either of you being the main owner or co-owner.
Tax Implications: When selling a property, capital gains tax may apply on the profit earned from the sale. However, under Section 54 of the Income Tax Act, if the proceeds from selling the Delhi flat are reinvested in purchasing a residential property in India within a specified time frame, you may be eligible for capital gains tax exemption. The exemption is available if the new property is purchased either in your name or jointly with others.
Joint Ownership: Joint ownership of the Bangalore flat with your mother can offer several benefits, including shared responsibility for loan repayment, potential tax advantages, and succession planning. However, it's essential to understand the legal and financial implications of joint ownership, including rights, responsibilities, and potential disputes.
Consultation with Experts: Before making any decisions, it's advisable to consult with a tax advisor or a real estate lawyer who can provide personalized guidance based on your specific circumstances and goals. They can help you navigate the tax implications, ownership structure, and legal considerations associated with the property transaction.
By seeking professional advice and exploring the option of joint ownership with your mother, you can make an informed decision that aligns with your financial objectives and helps minimize tax liabilities effectively.

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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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