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Mihir Tanna  |790 Answers  |Ask -

Tax Expert - Answered on Mar 30, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Mahesh Question by Mahesh on Mar 27, 2023Translate
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Can you please provide the guidelines to buy a flat (property) of agreement cost of 65 Lakh, then Who, when & how will pay the TDS?

Ans: Buyer of TDS is required to deduct TDS @1% at the time of credit to account or payment (whichever is earlier) and deposit it through form 26QB within 30 days from the end of the month in which TDS is deducted.

For more details please refer https://incometaxindia.gov.in/Charts%20%20Tables/TDS%20Purchase%20of%20Immovable%20property.htm#:~:text=Section%20194%2DIA%2C%20provides%20that,one%20per%20cent%20of%20such

“consideration for transfer of any immovable property” shall include all charges of the nature of club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or any other charges of similar nature, which are incidental to transfer of the immovable property;’
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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Mahesh Padmanabhan  |120 Answers  |Ask -

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Sir, On 14-June 1994, I acquired a flat (tenement) in my own name for Rs. 2,98L. In April 2015, I had to spend Rs. 4.15L on general renovation of this flat. Now, I plan to sell this tenement and wish to invest its sale proceeds within two years of the sale in buying a ready possession flat in another city. My queries are follows: 1. Can I invest the sale proceeds in buying two flats in the same society of the new city or do I have to necessarily invest in one property only? 2. Can I add the name of my spouse and my son also as co-owners in the new property(s) even if their financial contribution is nil? 3. Can I add the name of my spouse and my son also as co-owners in the new property(s) in case they also partially contribute financially in the purchase of the new flat(s)? 4. What is the present applicable Indexed Cost of the flat planned to be sold by me?
Ans: Hi Thomas
As the base year for Cost Inflation Index (CII) has been reset to 2001, you may need to get a valuation done through an approved valuer to identify the value as on April 1, 2001. If this value is higher than Rs. 2.98 Lakhs then you could use that as the cost.

As regards the general renovation amount spent, it may not be allowed to be added as cost of the property as generally tax officers are not dispensed to allow it.

W.R.T. your decision to reinvest in a ready possession flat within 2 years, please note that if this investment is extending beyond 6 months OR due date for filing your tax returns (whichever is earlier), you would need to open a Capital Gain Account Scheme (CGAS) account with a nationalized bank and park the capital gain amount in it for reinvestment.

Now answering your queries

Query 1 - If the capital gain amount does not exceed Rs. 2 Crores then you could reinvest in 2 residential units. This however is a one time option and cannot be used again in any other year.

Query 2 - Yes you could add their names but they would be treated as name-sake owners and for all purposes of taxation, you would be taxed singly.

Query 3 - You can add their name as proportionate owners to the value of their contribution. The taxation of income in that case would be based on their contribution

Query 4 - The answer to this would depend on the valuation report. Nevertheless, you could derive the indexed cost yourself by multiplying a factor of 3.48 to the cost. An example would be as follows:

Suppose the cost is Rs. 2.98 Lakhs
Indexed cost would be Rs. 2.98 Lakhs x 348 / 100 OR 2.98 Lakhs x 3.48 = Rs. 10.37 Lakhs
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Dear sir,I am compulsory retired from psu, as a senior Manager still I am having 5 years For matured retirement. Is there any jobs available for me?
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Industry Consultancy: Consider offering consultancy services in your industry. Your extensive experience can be valuable to companies seeking expertise in areas such as operations management, strategic planning, or process optimization.

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Entrepreneurship: Explore the possibility of starting your own business or venture based on your expertise and interests. Entrepreneurship allows you to leverage your experience to create innovative solutions or services within your industry.

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Review your employment contract or the institute's policy to understand the terms and conditions regarding gratuity. It should outline the eligibility criteria and the process for payment.
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Reach out to the Human Resources (HR) department or administration of the educational institute. Inquire about the status of your gratuity and seek clarification on any delays.
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Ensure you have all the necessary documentation related to your employment, superannuation, and gratuity. This may include appointment letters, salary slips, and any other relevant records.
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If your attempts to resolve the issue internally are unsuccessful, consider seeking legal advice. Consult with a lawyer who specializes in labor or employment law to understand your rights and options.
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Presently I work as Asst VP in formulation R&D and my CTC is 72 lakhs. I have a total of 21 years experience post Ph.D degree. How does my salary compare to pharma industry standards? Is it in line with the industry trend or higher than average or lower?
Ans: Determining whether your salary is in line with industry standards can be influenced by various factors, including your role, responsibilities, the company's size, location, and overall market conditions. However, your current salary of 72 lakhs as an Assistant Vice President in Formulation R&D with 21 years of experience post-Ph.D. seems competitive and well above average for the pharmaceutical industry.

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Job Portals: Check job portals for similar positions in your region to see the salary ranges offered by other companies for comparable roles.

Geographical Considerations: Keep in mind that salaries can vary significantly based on geographical locations. A salary that is competitive in one region may be considered high or low in another.

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What are best way to upskill as a student?
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Gain practical experience through internships or co-op programs related to your field of study.
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Connect with professionals in your industry through networking events, LinkedIn, or local meetups.
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Work on real-world projects to apply your skills.
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Join Student Organizations:

Participate in relevant clubs or organizations on your campus.
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Read Industry Publications and Blogs:

Stay updated on industry trends and innovations by reading blogs, journals, and articles.
Subscribe to newsletters or follow influencers in your field.
Soft Skills Development:

Focus on developing soft skills like communication, teamwork, time management, and adaptability.
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Attend Workshops and Conferences:

Attend workshops and conferences to learn from experts and connect with professionals.
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Learn additional languages, especially if they are relevant to your field or if you plan to work internationally.
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Regularly assess your skills and identify areas for improvement.
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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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