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Mihir Tanna |1033 Answers |Ask -Follow

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

Question by Deepak on May 08, 2023Hindi

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.

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Gaurav Mohta | Answer |Ask -Follow

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Question by Rishi - Nov 09, 2022Hindi

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My father had purchased a property in 1999 with Joint ownership (Father and Mother). My father expired in 2007 and it was transferred in the name of my mother. My mother nominated both her children equally through Nomination forms with Society. My mother passed away in 2019 and society transferred the property in the name of me and my brother (Affidavit was submitted). I am a co-owner and I intend to purchase my brother’s share and purchase his right through housing loan. Wanted to know whether such a transaction will qualify for housing loan and whether lending institutions will grant me housing loan to buy his share of right?

Ans: Since this is an internal transfer of property between two related parties, you will not be able to get a home loan for the same.

Ramalingam Kalirajan |8100 Answers |Ask -Follow

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

Question by Shridhar - Apr 22, 2024Hindi

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

Ramalingam Kalirajan |8100 Answers |Ask -Follow

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

Question by Ajay - May 02, 2024Hindi

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

T S Khurana |402 Answers |Ask -Follow

Tax Expert - Answered on Nov 02, 2024

Question by Sampath - Aug 07, 2024Hindi

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.

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Anu Krishna |1549 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Mar 14, 2025

Question by Tanvir - Mar 13, 2025

Relationship

Mera tin mahine baad jisse shaadi hone waali he uska pahle ek ladke se affair tha. Halanki meri fiency padhi likhi he aur job karti.Un dono ke bich me sex relation bhi ho chuka tha jab maine usse iske baare me puchha to usne kaha ki ye pahle ki baat ab mera usse koi wasta nhi he.lekin mujhe lagta he ki uska abhi uske relation me he .kya mujhe usse shadi karni chahiye

Ans: Dear Tanvir,
Pichli baatein ko wahin rakhna chahiye jahaan pe woh hue the. Usko aaj ke tareek mein baar baar doharaane se aapa aaj bigad sakta hai aur aapke mann mein shanka badhti hi jaayegi. Jab aapki fiancee keh rahi hain ki yeh pehli baat hai, ya toh aap is baat par vishwaas kare ya na kare, yeh aap pe nirbhar hai. Agar aap shaq karna chahte hain toh bahut baatein hai is baat ko saabit karne ke liye par agar aap is baat ko bhi peeche rakhke aage badhna chahte hain toh yeh bhi ho sakta hai par uske liye aap ko aapki fiancee par vishwaas karna padega aur unki baaton par. Shaq ki nazron se kuch bhi dekhoge toh shaq hi saamne nikalke aayega. Ab aap ka chunenge?

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1549 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Mar 14, 2025

Asked by Anonymous - Mar 11, 2025

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Hello, I am 32 year male, got married last year almost a year now. My wife has not been able to perform intercourse with me since our marriage, we both are virgin. She is having fear of penetrating and also even if I try to perform fingerring, she feels pain and feels irritation there. We both are happy couple but I am worried how to go ahead as I already tried water based lubricant, forplay everything. Please suggest.

Ans: Dear Anonymous,
If all is well medically, then the only thing that can stop a couple from getting sexually intimate are fears of what intercourse really is. Focusing on sex especially since this is the first time for the both of you CAN put you under tremendous stress. Instead focus on connecting first with each other. Emotional bonding through love, care and affection can allow for a lot of non-sexual intimacy first. Keep at this until you get comfortable with one another and then you take things to the next level that will ease you both into sexual intimacy.
Being in LOVE and a very close emotional connect can actually be huge boosters into getting intimate and ease you two into sex.

All the best!
Anu Krishna
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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Relationships Expert, Mind Coach - Answered on Mar 14, 2025

Asked by Anonymous - Mar 12, 2025Hindi

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What are possibilities of getting maintenance for a working woman (with a kid) from husband . My husband has abandoned us since birth of my daughter 4years. Not taking the child's responsibility. Husband says as I am earning I should take care of financial requirement of the child too. I am doing extra duties/ work just to take care of my daughter's education and future. As I am a healthcare professional my work consists of night duties. These duties are taking toll on my health and also my daughter's . People are saying as I am a working woman I can't claim maintenance from husband. But taking care of young child is more difficult with working. I just can't leave my job , just to show nil income to claim maintenance as no one is there to support me and my daughter. Hiring a nanny , maid etc along with rent comes around 85k per month apart from school expenses. As I live in metropolitan city. Husband earns more than me but transfers money to his mother's account.He has taken me granted financially since marriage.Not able to save anything for the future. Don't have any property on my name .

Ans: Dear Anonymous,
This is a question for a legal expert; so go ahead and seek the guidance of someone who can handle your case. Along with this, you will have to think of a good balance that will allow for you to manage work and home plus your health.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1549 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Mar 14, 2025

Question by Sanjay - Mar 12, 2025Hindi

Relationship

Hello Madam, Request your guidance on query on behalf of my friend - On 2-3 occassions money has been stolen from friend's wallet, he has doubt on his uncle's son staying in their house but not sure...please advise !!

Ans: Dear Sanjay,
What would you do if something like this happened in your house? Suggest the same to your friend.
But also, before accusing or doubting someone, please make sure that your friend has not misplaced the money.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Ramalingam Kalirajan |8100 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Mar 14, 2025

Asked by Anonymous - Mar 14, 2025Hindi

Money

Hello sir, I am planning to buy a flat, with some stock sale proceeds and bank loan. Can I claim section 54F, for the entire registration amount for a flat, along with registration fee ? Or bank loan part is not considered

Ans: Eligibility for Section 54F
Section 54F provides capital gains exemption when selling assets like stocks.
You must invest the full net sale proceeds in a residential property.
The new flat must be purchased within two years or constructed within three years.
You should not own more than one residential house at the time of sale.
Treatment of Bank Loan Under Section 54F
Exemption applies only to the portion funded by stock sale proceeds.
The bank loan portion is not considered for exemption.
You need to invest the entire net sale proceeds to claim full exemption.
Registration Charges and Stamp Duty
Registration charges and stamp duty qualify as part of the property cost.
These expenses can be included for exemption under Section 54F.
However, only the part paid from capital gains is eligible.
Ensuring Full Exemption
If you reinvest only part of the net sale proceeds, the exemption is partial.
Any remaining capital gain will be taxed.
To avoid tax, the full capital gain amount must be reinvested.
Tax Implications If Conditions Are Not Met
If you sell the new property within three years, the exemption is reversed.
The capital gain becomes taxable in the year of sale.
Ensure compliance with all conditions to retain tax benefits.
Alternative Planning Strategies
If full reinvestment is not possible, consider capital gains bonds.
These bonds provide an alternative exemption under Section 54EC.
This helps in tax-efficient planning while keeping liquidity options open.
Final Insights
Section 54F helps save tax if proceeds are fully reinvested.
The bank loan portion does not qualify for exemption.
Registration costs can be included but only if paid from capital gains.
Ensure compliance to avoid future tax liabilities.
Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

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Question by Anjali - Mar 13, 2025Hindi

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I got 80.4 percentile in jee mains paper 2 - Iam OBC NCL Female can i get any better nit colleges in india B.Arch? home state Telangana

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Asked by Anonymous - Mar 13, 2025Hindi

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I have scored 98.43 percentile in jee main jan attempt 2025. My state is tamilnadu and i am obc-ncl category. Can i get a seat in nit trichy and in which nit will i get cse

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Question by ASHRIT - Mar 13, 2025Hindi

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Hello sir I am Ashrit Pattanaik and my percentile in JEE mains is 98.5 I am general then I can get an NIT please tell????

Ans: Hello Ashrit,
Congratulations on achieving a 98.5 percentile in your JEE Main examination.
Yes, you have a good chance of getting into NITs, but the branch and NIT will depend on:
Your home state (since HS quota has lower cutoffs)

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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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