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Mihir

Mihir Tanna  |1064 Answers  |Ask -

Tax Expert - Answered on Mar 13, 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
S Question by S on Mar 08, 2023Hindi
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DEAR SIR. I'M KUMAR. I HAD PURCHASED A PLOT MEASURING 200 SQ YARDS IN 2005 IN HYDERABAD. DUE TO UNAVOIDABLE REASONS I COULD NOT COME TO HYDERABAD AND PLOT WAS REGISTERED ON MY MOTHER'S NAME. THEREAFTER IT WAS TRANSFERRED TO MY NAME AS GIFT DEED FROM MY MOTHER. 1. DO I HAVE TO PAY ANY PROPERTY TAX OR ANY TAX FOR THIS VACANT PLOT. 2. MY MOTHER IS NO MORE. IS THE GIFT DEED VALID. 3. CAN I SELL THIS PLOT. IF YES, DO I HAVE TO PAY ANY TAX

Ans: 1. As far as Income Tax is concern, if no construction house property is done on plot of land, concept of deemed rent is not applicable. Therefore, no income tax is likely to applicable on vacant plot of land without any income.

2. Yes, gift deed is valid even after death of gift giver

3. On transfer of plot, you have to pay capital gain tax and amount paid at the time of acquisition is considered cost in your hand
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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