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Mihir Tanna  |905 Answers  |Ask -

Tax Expert - Answered on Apr 28, 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
Yam Question by Yam on Apr 27, 2023Hindi
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Dear Mihir Sir, Good after noon. I have a question for LTCG. Sir I acquired a residential plot in March 2018 for Rs. 20,00,000 and spent immediately Rs. 3,50,000 on foundation and boundary fencing. The property was held for almost 4.5 years and I sold it in December 2022 for Rs. 30,00,000. I spent the whole amount in constructing a new house. I had only one house property where I spent the whole amount. Am I liable to pay any LTCG for AY 2023-24? If yes, please tell how much am I liable to pay? Thanks.

Ans: If the construction is completed within 3 years of transfer of residential plot, you are not liable to pay tax on LTCG on transfer of plot.
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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