Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Mihir

Mihir Tanna  |963 Answers  |Ask -

Tax Expert - Answered on Oct 19, 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
Deepak Question by Deepak on May 08, 2023Hindi
Listen
Money

Hi, i plan to purchase a property jointly with my sister. Have the following queries: 1. Can the house loan be solely on my name as i am the earning member 2. My sisters owns a house which she plans to sell off in few months. Can the gain from the sale be used to payoff the joint property loan.

Ans: I feel both answers are not pertaining to income tax act. You can check with Bank
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.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |7026 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Listen
Money
We have purchased an under-construction flat jointly with my son and wife in September 2023, the agreement for sale I registered in November 2023 and stage wise payment has started. We have availed bank loan jointly. My wife intends to sell her flat for financing the purchase of the above house , but yet to get the buyer. Can we make payment for new house through the bank loan and lateron use the sale proceeds of my wife's flat for loan repayment?
Ans: Yes, this is a common approach for financing a new property purchase. Here's how it can work:
1. Financing the New House with a Loan:
• You can proceed with the bank loan you've availed jointly for the new under-construction flat. This allows you to make stage payments as required by the builder.
2. Using Wife's Flat Sale Proceeds for Loan Repayment:
• Once your wife finds a buyer for her flat, the sale proceeds can be used to repay the existing loan partially or fully. This will significantly reduce your monthly EMIs or even close the loan depending on the sale amount.
Things to Consider:
• Loan Agreement: Review your loan agreement to see if there are any prepayment penalties associated with paying off the loan early with the sale proceeds.
• Tax Implications: Selling your wife's flat might have capital gains tax implications. Consult a tax advisor to understand your specific situation and potential tax liabilities.
• Timing: There might be a time gap between taking the loan and selling your wife's flat. Be prepared to manage the loan EMIs during this interim period.
Additional Tips:
• Bridge Loan: If there's a significant gap between taking the loan and selling the flat, consider a temporary bridge loan to cover the interim EMIs. However, bridge loans typically have higher interest rates, so explore this option cautiously.
• Transparent Communication: Maintain open communication with the bank regarding your plans to use the sale proceeds for loan repayment.
By carefully planning and considering these factors, you can leverage your wife's flat sale to manage the loan for your new house purchase.

Best Regards,
K. Ramalingam, MBA, CFP,
Certified Financial Planner
www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |7026 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Listen
Money
Hi, I liked a home that cost 1.1 crore. I don't have a down payment hence I decide to take this in joint name with my friend, who had 40 lakh rupees. Will bank permit home loan of 70 lakh to me to take this home in joint ownership with friend.
Ans: Taking a joint home loan with your friend can be a viable option to fulfill your dream of owning the desired home. Banks typically consider the combined income and creditworthiness of all co-applicants when approving a joint home loan.

In your case, since your friend has 40 lakh rupees for the down payment, you can apply for a home loan of 70 lakh rupees jointly. However, it's crucial to note that each bank has its own lending criteria and may evaluate the loan application based on factors such as income stability, credit history, and debt-to-income ratio.

Before proceeding, it's advisable to discuss the terms of the joint ownership with your friend and seek legal advice to draft a co-ownership agreement outlining the responsibilities, rights, and obligations of each party to avoid any potential conflicts in the future.

Additionally, consult with multiple banks or financial institutions to compare loan offers and choose the one that best suits your requirements in terms of interest rates, tenure, and repayment options.

By leveraging the combined financial strength of both applicants, you can increase the chances of loan approval and make your dream of homeownership a reality.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

T S Khurana

T S Khurana   |186 Answers  |Ask -

Tax Expert - Answered on Nov 02, 2024

Listen
Money
Dear Sir, We have inherited a property in Bangalore. The property was in my Mother's name who attained lotus feet last November. This is a bit complicated situation. 1) The actual payment for the property was done in 1998. 2) The property registration in My Mother's name was done in 2016. The value of purchase in 1998 was 6 Lacs. Renovation and modest addition is approx. 6 Lacs. 3) The property in now co owned by self and Brother. 4) We have a sister who has signed release deed. 5) The current market rate is approx. 1.7 Cr. My question is, 1) If we sell, can we ask the buyer to make separate payments to the two of us? 2) We intend to pay our Sister (resident of Australia) some portion of the recievables. Can we ask buyer to make separate payment to her? 3) We have an existing home loan which we intend to close using the money. 4) How will the LTCG role out in this situation? Also as of today there is an amendment that we can chose either 20% with indexation or 12.5 without indexation. Which is the right one to chose? Request your valuable guidance, please.
Ans: I offer my following suggestions for your points of concern :
01. The Buyer will make payment to the owner of property. Has property been transferred in favor of both of you ?
If Yes, then he shall make payment to both of you, separately, as desired by you.
02. The buyer should not make any direct payment to your sister.
After receiving the sale proceeds, both of you, may Gift some amount to your sister. It will be a separate transaction. Please note that your sister will not have any income tax implications, in case of gift from brothers.
03. You are free to use the sale proceeds of property in any way, even for re-payment of housing loan.
04. You need to work out LTCG in both ways, i.e., 20% with Indexation & 12.50% without Indexation. You may choose the option, in which you tax liability is minimum.
Most welcome for any further clarifications. Thanks.

..Read more

Latest Questions
Dr Shyam

Dr Shyam Jamalabad  |78 Answers  |Ask -

Dentist - Answered on Nov 14, 2024

Listen
Health
Dr. Shyam, I had my teeth cleaned 6 months ago and after that was done I saw discoloration on certain teeth that wasn't there before. Years ago I had my teeth cleaned and one particular tooth after the cleaning was sensitive to touch. I had a crown put in from two different dental offices. The first one did the crown right, but was trying to charge me $3,500 more than the agreement they made with Medicare. Medicare corrected that. I other dentist did a crown and it didn't go all the way up to my gums and is sensitive to especially cold things. I'm not having very good experiences with dentist by and large. Can't find an honest one or one that can actually do the job right. I feel being on Medicare your a target to bring in money. Not sure what to do next. Supposed to go back and have them redo the crown that didn't go to my gums, but it also was ttd place to didn't clean my teeth right and discolored some of them. Any suggestions on how to trust there is actually an capable and honest dentist out there who can perform properly?
Ans: Identifying a capable and honest dentist is crucial for your oral health and well-being. Here are some tips to help you find one:

1. Ask for referrals: Ask friends, family, or coworkers for recommendations. They can provide valuable insights into a dentist's work quality and bedside manner.

2. Check credentials: Ensure the dentist has the necessary qualifications, certifications, and licenses. You can verify this information with your state's dental board or professional organizations like the American Dental Association (ADA).

3. Check online reviews: Look up the dentist on review platforms. Pay attention to the overall rating and read the comments to understand the strengths and weaknesses. At the same time, do not rely on reviews alone as these can be manipulated, fake reviews can be easily generated.

4. Evaluate their communication style: A good dentist should listen to your concerns, explain procedures clearly, and answer questions patiently. Ensure you feel comfortable asking questions and discussing your treatment.

5. Assess their facility and equipment: A well-organized and modern dental office with up-to-date equipment is a good sign.

6. Check their approach to preventive care: A capable dentist emphasizes preventive care, including regular cleanings, exams, and education on oral hygiene.

7. Be wary of over-treatment: A honest dentist will not recommend unnecessary procedures. Be cautious if you feel pressured into extensive treatments.

8. Trust your instincts: If something feels off or you don't click with the dentist, it's okay to explore other options.

10. Schedule a consultation: Many dentists offer initial consultations or meet-and-greets. Use this opportunity to assess their approach, ask questions, and gauge your comfort level.

By following these steps, you can increase your chances of finding a capable and honest dentist who prioritizes your oral health and well-being.

...Read more

Ravi

Ravi Mittal  |416 Answers  |Ask -

Dating, Relationships Expert - Answered on Nov 14, 2024

Asked by Anonymous - Nov 03, 2024Hindi
Listen
Relationship
Hi, I am 30 years old not married & now my parents are forcing me to get married. I think i am good looking guy. It's not like i have never been with girls. I have had brief flings with multiple girls. And there was one girl whom i was in a platonic relationship with with lot of emotional sharing & have spent a lot of time with her. The same goes with another girl. Both of them have told me that i have been pretty cool & girls would like me to be their bf or husband. But i am not able to accept anyone because of the guilt that of my past that i never had a relationship. Never been able to tell anyone that i had a gf. I know this is wrong to compare my life but i can't stop thinking that way. Can you tell me what to do? Like a contsant regret of not having a very steamy cool fancy relationship from outside. I know relationships have it's own ups & downs. But this guilt is killing me that i missed out lot of things in life & if get married in an arranged marriage i would feel myself to be a looser who couldn't even find a girl on his own. Though i know all of these comparisons are wrong & i should be rational. I am not able to help it. Please help me out
Ans: Dear Anonymous,
Whatever you are feeling, it is very normal. More people than you could imagine go through this same phase. But as you mentioned, these are just thoughts; there is no truth to them. Not having a relationship does not make you uncool. It merely means that you did not meet your perfect match yet. I understand that you feel like you have missed out on something and that feeling is valid. It might not be reasonable, but it's very natural to think this way. I can suggest one thing- why don't you try a dating or matchmaking app to find your own partner? That way, you will be keeping your parents' wishes and won't let yourself down either. It will also give you more control over choosing your life partner.

Hope this helps.

...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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x