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Mihir Tanna |1053 Answers |Ask -Follow

Tax Expert - Answered on Jul 21, 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 Sheraz on Jul 20, 2023Hindi

Money

Hi Mihir, I have a long term capital gains from US stocks (RSU) sold on the event of company being sold, the sale happened in september 2022 and money is still in foreign etrade account, If I get money now in my Indian SB account, when is this capital gain tax to be paid and how can I save it.

Ans: Tax on gain arises on transfer of capital asset being shares is taxable in the year in which shares are transferred.

Capital gain tax can be saved by investing consideration in acquiring house property provided you don't have more than 1 house property on the date of transfer.

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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I had redeemed all units of Mutual Funds in the month of January 2022 when Sensex was at its peak. Since more than 1 year has passed since the SIP installment started this comes under Long Term Capital gain. The long term capital gain is less then Rs 1 Lakh. As per Income tax rules these capital gains of up to Rs 1 lakh a year are tax-exempt. Do I still need to declare this amount while filing Income Tax returns for the financial year 2021-2022 or only if the long term capital gain is above Rs 1 lakh this amount needs to be declared while filing Income Tax returns for the financial year 2021-2022?

Ans: Even if your long term gain doesn’t exceed 1 lakh and there is no capital gain applicable for the sold mutual funds, you need to show this gains during the filing of FY2021-22 and claim an exemption up to Rs 1 lakh.

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Question by Rajendra - Dec 27, 2022Hindi

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As when I bought the shares while I was in US only, USD / INR was around Rs 60 and now it is more than Rs 80. Now I am resident of India for Tax purpose. How the Capital Gain amount will be calculated for tax purpose?

Ans: Capital Gains are chargeable to tax only when the shares are sold. The foreign exchange fluctuations do not give rise to capital gains income. At the time of transfer of shares, capital gain will be calculated in foreign currency and converted into INR as per the rate prevailing on last date of immediately previous month in which shares are transferred.

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Question by DK - Jun 12, 2023Hindi

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Hello Tejasbhai, How do I save Long term capital Gains earned out of profit from sale of shares.

Ans: You may invest in eligible start-ups or may invest in REC bonds or invest in residential property and also in NPS scheme or ELSS schemes. You can c/f the losses on shares sale for 8 years as well, in case of losses.

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Question by Vp - Feb 17, 2024Hindi

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Sir, I have purchased shares some 15-20 years back, they have been demated earlier. I dont know(remember) the purchased price and date of purchase. If i sell the shares, how can i show the long term capital gain tax in I/TAX return?

Ans: It will difficult to calculate the capital gains if the purchase price is not available. Do not sell everything in the same financial year then you may be exempt and capital gains may be below 1 lacs. Again everything is on assumption.

Please take your CAs advice before moving ahead.

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Ans: Hi Nidhi,
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Asked by Anonymous - Jan 31, 2025

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My relative has 2 residential houses (H1,H2) and 2 residential sites(S1,S2). She plans to sell house H2 and buy a residential flat H3 in my her spouse name. She plans to claime capital gains under Section 54. Later she plans to sell sites S1,S2 and buy a residential flat H4 in her name. She plans to captial gains exemption under section 54F. Since at point of sale of sites, she only has only house H1 in her name, she can claim exemption under section 54F. She seems to meet all the conditions for section 54, 54F. Is this possible?

Ans: This is possible, but it is strongly advisable to consult a CA in order to correctly study the case and get desired outcome

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Asked by Anonymous - Feb 16, 2025

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Sir, I got retired on 30-Jun-24 after attaining the age of 58. I do not have any further contribution to PF. I would like to know if PF gives interest for next 3 years. In other words, when I withdraw PF at the age of 61 in Jun-2027, would PF have paid interest for 3 years from Jul-24 to Jun-27.

Ans: If no contributions are made for more than three years after retirement, the account becomes inoperative.
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Question by arun - Feb 24, 2025

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we intend to dispose 2 prop. do v need to keep this amount in cg separately or in one a/c. if v intend buy prop in 2 years can v keep in fd saving or cg is compulsory. how many prop can b bought from deal. in my case I have already committed around 40% amount in a prop in instalments, for which I have already paid one instalment from my pocket. can I take this amount which is pre deal from deal. balance need to b kept in cg or sfd and if I invest in 2 yrs still I need cg. since my wife is also disposing her prop and if v acquire prop in 2 yrs do v need to invest in cg. if v buy a joint property can v both invest from our deal amount in a joint property. what will b tax liability.

Ans: Pointwise answers are as follows:
1. Amount to be kept in Separate CG account for each property
2. keeping in CG Scheme is compulsory within 6 months from date of sale or due date of filing of Return of income, whichever is earlier
3. Predeal commitment can be considered if not more than 1 year before from date of sale
4. Your wife can claim CG exemption and pay tax, if any separately for the property sold by her

It is advisable to consult CA as your case needs careful understanding and execution to claim exemptions and minimize taxes if any

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Asked by Anonymous - Mar 19, 2025

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Dear Experts, I have sold my flat for Rs 73 lacs in Thane, Maharashtra. I would like to know whether I am eligible to pay capital gains? I had bought in 2016. Moreover how do I invest this amount, I am not intending to purchase any new property. So suggest any other way out. Thanks in advance.

Ans: We need folllwing information in order to calculate Capital Gain and tax on it.
1. Purchase agreement of the property sold
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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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