Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Feb 16, 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

Question by Ashwini on Feb 15, 2023Hindi

Money

I learnt from a query answered in this column that LTCG from sale of mutual funds can be used for purchase of property within a given time period (under section 54) and thus tax on LTCG @10 % can be saved. My query is that , is there a capping on the tax that can be saved in this manner?

Ans: Tax on gain on sale of mutual fund can be saved by Sec 54F - invest consideration in house property (if you don't have more than 1 house property). There was no limit till FY 22 23 - which is now proposed to 10 crore from FY 23 24

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.

MoneyReply

You may like to see similar questions and answers below

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Jan 22, 2024

Question by VSPMANI - Jan 19, 2024Hindi

Money

Can the TAX on LTCG earned from sale of House property be set off by loss in sale of another house after 3 years of LTCG earned. The LTCG amount is kept in CGSS of SBI

Ans: No, it will be taxable @20% plus applicable surcharge cess in the year of expiry of 3 years from transfer of original asset. Further, to withdraw money from CGSS of SBI, you need to submit proof of tax payment along with computation and relevant documents of property to jurisdiction assessing officer. Once you receive approval in writing from officer, SBI will allow you to withdraw the money.

Milind Vadjikar |1051 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 04, 2024

Asked by Anonymous - Oct 03, 2024Hindi

Money

If we redeem MF's & equities invested for long term tenure, will it attract LTCG tax if the amount is invested in real estate within 2 years of sale/ redemption.

Ans: No if the LTCG from qualified asset sale is utilised for investment in residential property within the given timeframe subject to maximum upper limit of 10 Cr as per Sec. 54F of the income tax act.

For further details you may consult a CA.

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Nov 26, 2024

Asked by Anonymous - Nov 02, 2024Hindi

Money

I recently sold a piece of land inherited from my father for ?62 lakh. Since both of my parents are deceased, I am their sole legal heir. Under Section 54EC of the Income Tax Act, I am eligible to invest up to ?50 lakh in government bonds to save on long-term capital gains (LTCG) tax. These bonds offer an interest rate of 5.25% and have a lock-in period of five years. After making this maximum investment of ?50 lakh, I am left with a remaining amount of ?12 lakh. I would like to know if there is any way to utilize this remaining ?12 lakh without incurring LTCG tax on it. Additionally, I currently have a personal loan with an outstanding balance of ?10 lakh, and I am considering using this ?12 lakh to pay off that loan. Can I use these funds to close my loan without triggering any LTCG tax implications?

Ans: 01. You have sold the land for Rs.62,00 lakhs. This is the Sale amount & not Capital Gain.
02. Please work out LTCG by reducing Cost of Land from this sale amount. May be you LTCG is less than 50.00 lakhs & it serves your purpose.
03. However, I would like to suggest you to invest the amount in any residential property, which would enable you to save LTCG tax and also provide you lucrative return, instead of 5.25%, as offered by the bonds. It would also reduce LOCK-IN period from 5 to 3 years.
Most welcome for any further clarifications. Thanks.

Latest Questions

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Priyesh - Feb 23, 2025Hindi

Career

I got 99.56 in jee mains 2025 l am obc ncl male can i get cse in niit trichy warangal suratkal

Ans: Hello Priyesh.
Congratulations for scoring 99.56 %tile in JEE.
You will get CSE @ NIT.
Best of luck for your upcoming future.

Please follow me, if you are satisfied with the reply.
Thanks
Radheshyam

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

In 93.98 percentile mark,can I take admission in iiit allahabad,pune or hyderabad

Ans: Hello dear.
With a score of 93.98, you can get admission to any one of the IIITs. Chance for Pune is there but low @ Hyd & Allahabad.

If you like the reply, pl follow me, else, ask again without hesitation.
Thanks
Radheshyam

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Munish - Feb 23, 2025Hindi

Career

Hi Sir, My son studied IGCSE and completed 10th standard. He is pursuing commerce stream. After 12th standard, we are looking for BBA or integrated MBA through IPMAT. My question is should i continue Cambridge A&AS Level or shift him to ICE or it fo not matter much. He is good in studies. Kindly advise.

Ans: Hello dear.
Stay with Cambridge A & AS Level, but ensure he takes Mathematics. Focus on IPMAT entrance preparation alongside board studies. If needed, he can take additional practice from NCERT books for better alignment with IPMAT.

If you like the reply, pl follow me else ask again without any hesitation.
Thanks, Radheshyam.

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

Hello sir, My son is appearing for ICSE exam this year ie 2025, I want him to join isii data science course after +2, can you please suggest how to prepare him for the data science entrance exam for next two years.

Ans: Hello dear.
Congratulations on planning to get admission to IISC for your son. Admission is highly competitive, so early preparation will be beneficial. Here are some tips: (1) Strong Focus on the Core subject of Mathematics (2) Learn Python and SQL programming skills (3) Participate in Mathematics Olympiads (RMO, INMO) (4) Join a Coaching Program to learn ISI-specific training (like PiVerb, Cheenta). (5) Encourage solving puzzles and logic games (Sudoku, Chess, Codeforces). (6) In class 10- Build strong basics in ICSE Math, start Olympiad-level problems (7) In class 11 - Solve tough problems, focus on Calculus & Algebra, and start Python (8) In class 12 - take mock tests, solve past ISI papers, revise Probability.
Efforts are endless. One has to make efforts to master the skills from all angles as the DS field is highly challenging. Keep motivating him in any situation i.e. at the time of success or failure. Best of luck to him for his upcoming bright career.

If you like the reply, pl follow me else ask again without any hesitation.
Thanks, Radheshyam.

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Amudha - Feb 23, 2025Hindi

Career

My Daughter has got 94.5 Percentile in Jan2025 JEE.we belongs to OBC NCL from Tamilnadu.will she get ECE in South based NITs or any IIITMs?

Ans: Hello Amudha.
With a score of 94.5 %tile and OBC-NCL difficult to get a seat in NITs at least in 1st round in Tamilnadu. But surely, she may get admission to IIITMs.

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Manvanth - Feb 23, 2025Hindi

Career

Sir my son got jee mains percentile 98.88.Did he have any chance to get seat in tair one NITs CSC?

Ans: Hello Manvanth,
Yes. Your son has a bright chance to get CSE @ NIT tier 1

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Sanjiv - Feb 23, 2025Hindi

Career

My son got 99.30 in jee mains 2025 under haryana state.Can he get CSE in nit.

Ans: Hello Sanjiv
Yes. Your son has a bright chance to get CSE @ NIT

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Sanjiv - Feb 23, 2025Hindi

Career

My son got 99.30 in jee mains 2025 under haryana state.Can he get CSE in nit.

Ans: Hello Sanjiv
Yes. Your son has a bright chance to get CSE @ NIT

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Radheshyam Zanwar |1258 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 23, 2025

Question by Essam - Feb 23, 2025Hindi

Career

Can I get any branch at any nit at 93.7%ile, gen male? If not what are my best options

Ans: Hello Essam.
With 93.7 %tile, very difficult to get any NIT. For better options, please take JEE Main 2nd attempt, BIT-SAT, and your state-level engineering entrance test. Pl, contact me again when you have all the results in your hand for better suggestions.

If you like the reply, pl follow me else ask again without any hesitation. Thanks, Radheshyam.

Prof Suvasish Mukhopadhyay |398 Answers |Ask -Follow

Career Counsellor - Answered on Feb 23, 2025

Asked by Anonymous - Feb 23, 2025Hindi

Career

My son get seat in RV college with 87 percentile in jee 2025 (General category)

Ans: What do you want to ask?

See more questions »

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.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x