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Mihir Tanna |961 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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Question by rajesh - Mar 21, 2023Hindi

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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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Question by Vinod - Jan 22, 2024Hindi

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

Ans: You need to keep two things in mind -

1. Appropriate taxes need to be paid on sale of property depending upon short term / long term capital gains and
2. Upon remittance of such income (after taxes), there will be a deduction of 5% as tax collected at source (if remittances are more than INR 7 lacs), which will be refundable upon filing your tax return. This 5% is just an additional cash flow requirement that you need to be mindful of.

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Asked by Anonymous - Jan 28, 2024Hindi

Money

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

Ans: Interest income on FD is taxable in her hand. A resident individual with taxable income up to Rs 7,00,000 will receive a rebate from tax upto Rs 25,000 in FY 2023-24.

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Insurance, Stocks, MF, PF Expert - Answered on Sep 16, 2024

Asked by Anonymous - Sep 10, 2024Hindi

Money

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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Career Counsellor - Answered on Nov 08, 2024

Asked by Anonymous - Aug 27, 2024Hindi

Career

my son is a us citizen and i have returned back to india when he is very young due to family issues... now he completed graduation in india.. and is interested to work in usa what are the opportunities that he can get to pursue further studies in usa with scholarships or assistance or get some help in settling there(unemployment benefits) as i cannot afford to sponsor him anymore

Ans: No issue. Being the citizen he will get the benefit and tuition fess will be very low as compared to other international students. I won't allow his talents to die. But don't send him for Masters, because now a days in Masters it is very difficult to get scholarship, that means tuition fees waive. Let him directly try for PH.D. Ph.D admission always comes with funding. You need to spend only for the air ticket. For long term counselling join me in LINKEDIN. In Ph.d after two years if he wants to discontinue he can safely exit with an MS degree and please don't think of unemployment benefits. It's a negative thinking. Since he is an American Citizen by birth let him fly and inscribe his name in golden letters in the academic landscape of USA. I am always there to help him. No worries please. I thank you for your kind concern for your son. GOD BLESS HIM. Professor

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Question by Sravani - Nov 02, 2024Hindi

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Sir/Madam, I'm pursuing B. Tech in Food technology and I'll graduate in 2025. I want to pursue PhD after B. Tech in Food Science and Technology abroad. So please suggest me of its a better idea or do i have to study Masters?

Ans: If you get integrated Ph.D programme in USA you can go for it and after completion of 32 credits you can exit also with MS degree. If you pursue MS then I would recommend only MS. Be in my LINKEDIN list for having permanent counselling many times in future. If you get Ph.D (integrated) then certainly don't go for Masters. I will be always showing you the correct path. There is hidden fire within you, I will only add a spark to ignite it which will take you to a great height.Bye and best wishes. Professor

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Question by Rockstars - Nov 07, 2024Hindi

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Hi Sir,I am Sunny,I have given jee advanced in 2023 and took a drop and appeared for jee mains but didnt qualify for jee advanced.I didnt gave jee advanced 2024 but now the latest news is the no.of attempts in jee advanced 2025 has been increased for three in three consecutive years Can i give jee advanced in 2025 if i clear jee mains? and the main question there will gap between my 1st attempt in 2023 and 2nd attempt will in 2025 because i have not given jee advanced 2024

Ans: You can, but let me know what you are doing right now. Have you taken admission in some other courses. Let me know your age. Here the questions are assigned to me through rediffmail. So second time whether your question will come to me or not is not known to anyone of us. Due to the policy I can’t share my email ID and Phone Number. But I would request you to follow me in LINKEDIN and send request so that I can accept you, then through LINKEDIN I can counsel you in the future multiple times. Through LINKEDIN I will be readily and easily accessible. I have counselled and changed thousands of lives. As long as I am there I won’t allow you to be defeated. Mind that always I am there with you like an invisible shadow to show you the right career path. Best of Luck. You just need a spark of motivation to create fire and I will ignite your dormant talent.

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Question by Serene - Nov 07, 2024Hindi

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I am engineer with 16 years of IT experience and now a break of 11 yrs. But in 11 yrs I had been taking Quantitative aptitude lectures as a visiting faculty in various engineering and MBA colleges and also done Mutual fund certification. I haven't been siting but doing many things professionally in last 11 yrs(In my subject of interest as Maths, Teaching, Finance, Accounting, Wealth Management). I was thinking of doing ESG certification. What kind of role I would get if i am CFA ESG certified.I am looking for Professionally and intellectually engaging role where I can contribute to Society. Not a very NGO type( I have tried working with few NGO's)

Ans: I won't recommend you to go for ESG certification unless you are having a background of Env. Engg and Environmental Impact Assessment. The certificate course of ESG is costly also. I would request you to open your own academy ( if off line not possible then online) and go for only one subject. Let me know your age.Focus only on one subject. You have explored many areas and now you are perplexed. Here the questions are assigned to me through rediffmail. So second time whether your question will come to me or not is not known to anyone of us. Due to the policy I can’t share my email ID and Phone Number. But I would request you to follow me in LINKEDIN and send request so that I can accept you, then through LINKEDIN I can counsel you in the future multiple times. Through LINKEDIN I will be readily and easily accessible. I have counselled and changed thousands of lives. As long as I am there I won’t allow you to be defeated. Mind that always I am there with you like an invisible shadow to show you the right career path.

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Asked by Anonymous - Nov 06, 2024Hindi

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What path should i follow after doing pg in economics, BEd and a 4 year career break after BEd for upsc preparation? Its been 7 years of higher education with a post 4 year break even after that...i feel hopeless.

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Question by Kundan - Oct 26, 2024Hindi

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dear sir ,i am working in automobile sector as a sales trainer i have completed diploma, but now i wanted to change my field and career so where can i go for that and whats should i do for best jobs and earning pls suggest .

Ans: Since you are a diploma you are not graduate. So I would advise you to go for an online BBA along with you job. It will take three years. After that go for online MBA. It will take another two years. Keep your job and you may switch to other companies. Within five years you will be a post graduate with another five years experience. Join me in LINKEDIN for permanent relation and counselling. In REDIFF the questions are assigned to us. But in LINKEDIN you can directly contact me. Never be depressed. I am there for you. Best of luck.

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Question by Dheeraj - Aug 30, 2024Hindi

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Sir i am pursuing my btech in cse with specialization in (AI and ML).am i eligible to apply for renowned universities in Australia to do masters in C.S with no specialization? What would be eligibilty if i am applying for only university of melbourne?

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Asked by Anonymous - Jun 21, 2024Hindi

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Asked by Anonymous - Aug 22, 2024Hindi

Career

How is the opportunity in india for a candidate who has done master in data science Australia and also has 1 year work experience in Australia

Ans: Truly speaking you can't expect much. First thing is that how India will consider the Master degree of Australia is not known to anyone. Even if an American MS comes after ten years of experience he/she will never get the desired and required treatment, hike and salary. India is flooded with Data Science professionals and bodies like Intellipaat are giving certificate in Data Science with collaboration with Chennai IIT or Roorkee IIT. Secondly the reputation of your Australian university is also a major factor. I think you can't expect much. Best of Luck.

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Dating, Relationships Expert - Answered on Nov 08, 2024

Asked by Anonymous - Nov 07, 2024Hindi

Relationship

Dear Sir, I am 45 yrs, married person with a son. My relations with wife is zero due to her health problem. In my office one lady faculty of 32 yrs with daughter, speaks and behave very sweetly with me. I feel she likes me and i also like her. So i invited her for coffee on one day. She came and we spent more than one hour about speaking on each other's personal things. After few days i again invited her for coffee. She also accepted it. But this time, i mistakenly told about this one of office friend, who is very jealous to us. It goes viral in office. Now that lady stopped talking to me and blocked me from her contacts. May i lost the chance of love with her due to this mistake?

Ans: Dear Anonymous,
You are assuming that your lady-friend liked you romantically; she could've considered you a good friend- good friends can have coffee together too. Maybe the reason she blocked you is that you misread the relationship and even discussed it with someone in the office. And since you mentioned you have a wife and she has health issues as well, how do you think things would have worked out between you and your lady friend, even if you knew for a fact that she is interested in you? I suggest you move on from this and also consider opening up to your wife about how the lack of intimacy in your marriage is pushing you to look for the same feelings outside.

Best Wishes.

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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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