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Mihir Tanna  |876 Answers  |Ask -

Tax Expert - Answered on May 24, 2024

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
Rahul Question by Rahul on Feb 07, 2024Hindi

Plot of Land Ballia,UP. Purchase year-1990 in two instalments Purchase price-Rs 42,000 (35000+7000) Stamp Duty Valuation-Rs. 73,000(Rs.9000+Rs.64000) Advance taken in 2019 -Rs. 15 lakh without any documentation in joint SBI Bank Account of father and mother, both sr citizen father being first holder. Father expired in 2020. Sale to different person on August 11 2023 for Rs 20 lakh received in HDFC Bank joint account of mother and son,mother first holder . Rs. 15 lakh transferred through RTGS to the person who gave advance and Rs.3 lakh as interest claimed by him transferred through IMPS and Phone Pe to a different person whom the first person owed money, at the request of the creditor and debtor. Stamp Duty Valuation of Land in August 2023- 39 lakh. The total Yearly Income of the mother, sr citizen, is Rs. 12000 as pension (Rs. 1000 per month). She has not filed any previous ITR. Tax implication and tax planning for both buyer and seller and response to following specific queries- • In ITR, there are 3 rows. One is for sale consideration,2nd one is for stamp duty valuation and 3rd one which automatically takes higher of these two as sale consideration under section 50C. So here If I put actual sale consideration in both rows, will it amount to false declaration ? Consequences for this because if I give stamp value, then automatically IT system will pick up the higher stamp value and calculate tax accordingly. What to do then? • Who will bear the tax burden? First Account holder or 2nd Account Holder or both or any clubbing provision? • Sr. Citizen Mother has only Rs 1000(one thousand) per month family pension as income and does not file ITR. If she does not pay any tax at all, what are the chances of detailed scrutiny and consequences? • If mother happens to be assesse, does she need to pay any advance tax or file ITR? • How to get Fair Market Value (FMV) and circle rate of Land as on 01.04.2001 for calculating Indexed cost of Acquisition in 2023-24. • How to get FMV on date of agreement/date of sale? • If assesse declares certain FMV in ITR both on 01.04.2001 as well as on date of sale i.e. 11.08.2023, is supporting documentation required at any stage or mere declaration will suffice? Steps to be taken by IT in this regard? • What can be the maximum Tax Liability and maximum date of depositing this tax/ITR and steps to mitigate this tax liability/payment?

Ans: Query require detailed discussion face to face. Please check with tax consultant.
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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Tax Expert - Answered on Feb 04, 2023

Hello Sunil ji, I am kedar & age 61, asking a question regarding the taxation on the amount of inheritance to my wife. After death my father in law (sasur ji) few years back, My mother in law (my sasu ma) had taken a decision regarding the agricultural land in their small town, which was purchased by the grandfather of my wife (father of my father in law) is develped and made it in the NA plots as per town planning scheme. these plots are now ready to sale. My sasu ma want to disribute the amont sold of these real estate plots., to her three married daughters including my wife. sir, here please guid us, regarding the amount recieved to my wife through her mother's house, is liable for any tax like capital gain or it will be treated as gift tax free amonut from mother's house as a stri-dhan (स्त्री-धन) and treated a tax free inheritance amont from her parants. kindly guide. thanks.
Ans: Hi Kedarji
Based on your question, apparently on property records, your mother-in-law is the owner of the land. I do not wish to get into the legal heirship aspect of the land post your father-in-law's demise and hence i would restrict my answer within the perspective of your query.

As your MIL is the legal owner and she is the person selling the land, she will be the person liable to tax for the capital gain arising on sale of the NA land.

The distribution of the net sale proceeds to the 3 daughters could be treated as gift backed up with the relevant paper work such as executing the gift deed etc., to ensure that there is no further taxability to the 3 daughters

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Soft Skills Trainer - Answered on Jul 12, 2024

Asked by Anonymous - Apr 23, 2024Hindi
Hello sir my name is Santu Chakraborty.I am 34 year old now unmarried. My qualification is Bsc botany honours with 2nd class +diploma in mechanical engineering with distinction +btech in mechanical engineering from government engineering college west Bengal with 7.5 dgpa.I have 6 years of teaching experience in private diploma engineering college and now I working as a vocational teacher in automobile engineering department in gov high school.In my early phase of life I am going through lots of Misguide,seveare Anxiety issue. Nobody can help me on that phase.I recover mostly by my own after various dillema.I want to work in mechanical r and d company, Mechanical design basis company and also upgrade my teaching carrier. How can I start my journey at this age ?what is the risk factor also? Please tell me. I am very enthusiastic dedicated person. I have no guide in my home. My father is vegetable seller.
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This is a really exhaustive query.

The journey thru' your acquisition of qualifications has been vast!

In the course of your life you are now suffering from SNIOP (SUSCEPTIBLE NEGATIVE INFLUENCE OTHER PEOPLE) this happens when you let others control your life.

I have this poem.. Especially for one's like you!

The Guy in the Glass

When you get what you want in your struggle for pelf,
And the world makes you King for a day,
Then go to the mirror and look at yourself,
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Is the guy staring back from the glass.
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If the guy in the glass is your friend.
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And get pats on the back as you pass,
But your final reward will be heartaches and tears
If you've cheated the guy in the glass.

Dale Wimbrow (c) 1934

Get the enthusiasm going, don't get embroiled in what life has been before!

Take a stranglehold of your life and make it BIG!

The opportunities are.. Miracles waiting to happen, what are you waiting for.. You are the catalyst!?
Maxim Emmanuel.

Pick up yourself don't be a victim of self pity.

If you do need further professional advice happy to assist

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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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