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Mihir Tanna |1090 Answers |Ask -Follow

Tax Expert - Answered on May 26, 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 25, 2023Hindi

how is long term capital gain tax calculated if last property was on solo 1 person ownership and new property purchased is on joint ownership(more than 1 person)?

Ans: Person can invest capital gain earned from one house property in acquiring another house property to save tax from capital gain. New house property can be in joint name.

As soon as capital gain amount is invested in new house property, Jointly acquired property will not make ineligle from capital gain exemption.

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Question by Sanjaya - Nov 27, 2020Hindi

A joint ownership (50:50) property was sold. There are some capital gains & it falls under Long Term Capital Gains. In ITR2 how it should be recorded? Both the parties will show 50% of gains each in gains & registration amount section? Please clarify

Ans: Any income arising from the house property will be apportioned equally between the co-owners and taxed separately in the hands of both.

It may be noted that if the co-owner has not contributed anything for purchase of property, then he / she will not be treated as co-owner.

After determining the Full value of consideration, the cost of acquisition for each co-owner shall be reduced to compute the capital gains for each co-owner separately. For a long term asset, the benefit of indexation is available.

Eligible deductions can be availed by both co-owners individually and the Long Term Capital Gains can also be reinvested for tax savings individually.

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