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Mihir

Mihir Tanna  |1053 Answers  |Ask -

Tax Expert - Answered on Jul 23, 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
Asked by Anonymous - Jul 18, 2023Hindi
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My mother sold her old house and against it purchased two plots wherein she added me as joint owner (all transactions are from her saving account). Now i have following two questions: 1. Under which ITR form and which head in ITR she has to declare /report following 4 things: sales proceeds, long term capital gain, capital gain tax paid and declare purchase value of plots.( So far, I file her ITR on her behalf every year under Form1 -Sahaj). 2. Do i need to also declare /report purchase of plots while filing my ITR ,since she made me co-owner and under what head (So far I file under form2 as have share investements). Kindly guide ?

Ans: For the income tax purpose, person who make the payment at the time of acquisition of property, is considered as owner. By adding name is agreement, ownership for the income tax purpose will not be decided.

Further to report gain from capital gain, ITR 2 is applicable.
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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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 18, 2023

Asked by Anonymous - Jul 10, 2023Hindi
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Dear Hardik ji, My mother sold her old house and against it purchased two plots wherein she added me as joint owner (all transactions are from her saving account). Now i have following two questions: 1. Under which ITR form and which head in ITR she has to declare /report following 4 things: sales proceeds, long term capital gain, capital gain tax paid and declare purchase value of plots.( So far, I file her ITR on her behalf every year under Form1 -Sahaj). 2. Do i need to also declare /report purchase of plots while filing my ITR ,since she made me co-owner and under what head (So far I file under form2 as have share investements). Kindly guide ?
Ans: Namaste,

I understand your situation and I'll try to provide a simple explanation.

For your mother's case, since she has sold a property and made a long-term capital gain, she will need to file her Income Tax Return (ITR) using Form 2 instead of Sahaj (Form 1). The reason being, Form 1 is for individuals having income from salaries, one house property, other sources (interest etc.) and having total income up to Rs 50 lakh. However, in your mother's case, there is a capital gain involved, so Form 2 is more appropriate.
The sale proceeds of the house will be reported under the head 'Capital Gains'. The purchase value of the plots will be reported as the 'Cost of Acquisition' under the same head. The capital gain tax paid will be reported in the 'Taxes Paid and Verification' section.
As for your case, since you have been made a co-owner of the plots, you should also declare this in your ITR. However, as you have not contributed to the purchase, it will not have any tax implications for you. You can mention it under the 'Asset and Liability' section if your taxable income exceeds Rs 50 lakh.
Please note that this is general advice and the exact details may vary based on the specifics of the transactions. It's always a good idea to consult with a tax advisor or chartered accountant to ensure all details are accurately reported.

..Read more

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Dr Nagarajan J S K

Dr Nagarajan J S K   |393 Answers  |Ask -

NEET, Medical, Pharmacy Careers - Answered on May 14, 2025

Career
I'm preparing for Neet and wanted to take a drop but my parents wanted me to do something with it like a partial Drop......And right now I'm totally confused what to do and what not.........i think I should take BSC zoology in private colleges , can anyone suggest me something..........
Ans: Hi Prirhvi,

Based on your query, there are two main issues to consider:

1. You want to take a break (which may be partial or full).
2. You want to pursue a BSc in Zoology.

Before making any decisions, take some time to think and analyze your situation.

Firstly, evaluate your marks in the HSC and your recent NEET exam scores (if you have appeared for NEET 2025). If you have completed both exams, focus on turning your weaker subjects into strengths. Be prepared to answer any questions someone may pose. Without this preparation, taking a break may not be effective.

Secondly, if you decide to take a gap year, you should not also consider studying another course concurrently, as this could divert your attention and hinder your main goal. Remember, undergraduate courses are semester-based, meaning you will need to manage both NEET preparation and your regular UG courses (including internal exams, semester exams, etc.). Juggling both can be quite challenging.

If you believe it is possible to manage both, I suggest that instead of choosing Zoology for your UG, you consider subjects like Chemistry or Physics. These subjects are foundational and can be better understood through regular UG coursework. Therefore, you should not worry too much about that particular subject. However, it’s not advisable to select Zoology and take a break for NEET preparation at the same time. If you have doubts in Physics or Chemistry, you can seek clarification from your lecturers.

In summary, my suggestion is to concentrate on one goal and work towards achieving it.

BEST WISHES.
POOCHO. LIFE CHANGE KARO.

...Read more

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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