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Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Sep 29, 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 Rajesh on Sep 28, 2023Hindi

Money

My son is now living in USA since 2018( 2 yrs as student & 3 yrs working). If he sends money from USA to his mother who is housewife and she invests in FDs or residential property then any income or gains from those investments are taxable to her or mine? I am not working, and at present me & my wife have only income from interest or dividends from shares or mutual funds.

Ans: Income earned from amount invested out of gift received from son will not be clubbed. Accordingly, it will be taxable in the hands of recipient i.e. mother.

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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If my son a professional like sowtware, if a given a rental amount of Rs. 16000 to mother house, what benefit in income tax house rent paid

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Income received from sale of property can be utilized for son's foreign education and tax implications if any.

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Asked by Anonymous - Jan 28, 2024Hindi

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My son periodically gives money to my wife, which she invests in FD or equity. What is tax liability to herp

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Asked by Anonymous - Sep 10, 2024Hindi

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Hello sir My mother selling a plot (residential land) and going to get amount of 40 laks, she wish to give that money to me (son) . She is a housewife mean not a income tax payer. 1.Did she need to pay tax. If so how much? 2. And if she given to me after paying tax should i also need to pay income tax.

Ans: Your Mother may have to pay short term or long term capital gain tax on the land sale transaction.

The tax will depend on period for which land property was held in her name and cost of (indexed cost if long term)acquisition.

Mother giving cash gift to her son is not taxed but the income you may derive from this lumpsum cash gift is taxable.

For working out detailed modalities of this tax liability please consult a CA/tax advisor.

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Congratulations for scoring 99.56 %tile in JEE.
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My son got 99.30 in jee mains 2025 under haryana state.Can he get CSE in nit.

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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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