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Mihir Tanna |1107 Answers |Ask -Follow

Tax Expert - Answered on Dec 20, 2022

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 Somaskandan on Dec 20, 2022Hindi

Money

I request you to clarify the following point.

I am having a housing loan with an outstanding principal amount of Rs 10 lakh (The flat where I am presently residing. Housing loan was taken during the year 2017). I got capital gain by means of sale of other flat to the tune of around Rs 80 lakh. By repaying the outstanding housing loan of Rs 10 lakh can I save myself from paying capital gains tax?

Ans: Repayment of housing loan is allowed as deduction in two parts. First repayment of principal can be claimed u/s 80C (up to 1.5 lakh) and second payment of interest which can be claimed as deduction. Interest deduction is allowed subject to certain limits depending on the fact that house property is used for self-occupation or given on rent.

In addition to that you can save tax on capital gain by investing in another house property or you can acquire specified bonds, if you fulfill other specified conditions.

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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Question by Laxman - Apr 28, 2023Hindi

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I have purchased flat in 2018, took mortgage loan in 2019. If i sell my flat and repay my house mortgage loan on same property, do I have to pay long term capital gain tax.

Ans: Hello Laxman,

As a tax advisor, I can confirm that if you sell your flat and use the proceeds to repay your mortgage loan on the same property, you will still be liable to pay long term capital gains tax.

The calculation of long term capital gain tax will depend on various factors, such as the purchase price of the flat, the sale price, and any deductions you can claim, such as the cost of improvements or repairs you made to the property.

However, there are certain exemptions and deductions available under the Income Tax Act, which you can consider to reduce your tax liability. For instance, you can claim an exemption under Section 54 of the Income Tax Act if you invest the sale proceeds in another residential property or certain specified bonds within a specified period.

To conclude, it is advisable to consult a tax expert or a chartered accountant to understand your tax liability and explore all the available options to minimize your tax burden.

Mihir Tanna |1107 Answers |Ask -Follow

Tax Expert - Answered on May 08, 2024

Asked by Anonymous - Feb 09, 2024Hindi

Money

If i purchase a flat and take home loan for it. After 1 year i sell my old property and repay the whole home loan. In such a case will long term capital gains tax be applicable or not?

Ans: To save tax on long term capital gain; you can invest gain amount to acquire house property and get exemption u/s 54. As per section 54, if you want to buy a residential house property from long term capital gain from sale of house property then you must buy the residential house property 1 year before or 2 years from date of such transfer of shares or construct the house property within 3 years from date of transfer of such property.

If you purchased ready flat (not constructed house property / not booked under construction house property with builder) 1 year before the date of transfer, you will be eligible for tax exemption

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Tax Expert - Answered on Feb 04, 2025

Question by SANDESH - Sep 03, 2024Hindi

Money

Sir , Recently I have sold one house registered in my name. I have got 1 cr from the transaction. Now i have got one running home loan of around 70 lakhs. Suppose if i repay the existing home loan from the amount obtained , whether i can save capital gain tax. or if i purchase one plot using some part of the amount (for eg: 30 lakhs) , how much capital gain tax i have to pay. The house which i have sild purchased for 7.5 lakhs in 2003. Kindly enlighten me regarding this

Ans: Please note that capital gains exemption is available only upon acquisition of a new residential house property (if the same is within the time limit).

Purchasing a plot will not help in saving capital gains tax.

When did you acquire the house where you have the home loan running needs to be considered? Please let me know that to answer this question appropriately.

In any case you have an option to reinvest the amount in 54EC bonds to the extent of INR 50 lacs and save the capital gains to such extent. The tax will need to still be paid.

Please consult your CA once before proceeding. Thanks!

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Asked by Anonymous - Apr 07, 2025Hindi

Money

Hi I am selling a house with a capital gain of 50 lakh .Can i use this money to settle home loan of another house in my name partially and claim exemption in paying capital gain tax ?

Ans: Kindly confirm, when the house was purchased, at what Cost & how much share you have it it ?
Most welcome for any further clarifications. Thanks.

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Question by N - Aug 10, 2025Hindi

Money

My son bought a house in chennai fir 33 lakhs on 2019.he wants to sell it in September 25 for 50lacs.he bought a house for 1.5 cr through bank housing loan on junev25.whether he has to pay capital gain tax if he repay the sale proceeds to housing loan

Ans: Since your son has purchased a house in June-2025, i.e., within one year before the Sale of his house property (September-2025), he won't have to pay LTCG tax. This is because, he has invested his LTCG in purchase of a house property, within time limit of one year.
Most welcome for any further clarifications. Thanks.

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Hello Sir, My son got 23,568 AIR in JEE Mains and 98.652 percentile. We hail from Telangana state. Please let us know whether my child can secure a seat NIT warangal in either ECE or CSE or please let us know the top IIITs where he can secure cse or ECE seat. Thanks & Regards Sreenivas Chittiprolu

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Asked by Anonymous - Apr 23, 2026Hindi

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Question by Kartikeya - Apr 23, 2026Hindi

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Hello sir I got 47919 ews rank and I am from uttar pradesh will I get Cse in any up colleges through home state quota in csab or uptac like hbtu in my city kanpur or iet Lucknow?

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Hello Sir, My son (Genral from Mumbai)got 32176 rank in Mains Would like to pursue ECE or EEE/EE Branch Please suggest good option for Lower NIT Or IIITS Also guide lower NIT EE Vs IIIT ECS HOWS IIIT nagpur or Surat

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Asked by Anonymous - Apr 24, 2026Hindi

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I am applying for thapar IEP programs but i have a very low jee percentile (53%ile) and i have 60% in boards in PCM, do i stand a chance of getting in a thapar 2+2 program? i am aware that the cutoffs for these programs would go low but i am afraid that my score is too low to clear even the IEP cutoffs

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Radheshyam

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Good luck.
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MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Apr 24, 2026

Question by Krishan - Apr 24, 2026Hindi

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Hi Good day, my son has scored CRL 36600 in JEE Mains 2026, general category without any quote. We are looking for following options i.e. CSE in Thapar (Patiala) or Mechanical (BITS-Pilani). My son is confused which one to go as he like BITS Pilani considering the Alumni network and the Start-up culture whereas he is also inclined towards CSE branch. Please advise which one is a better choice considering good career prospects. Further, any other better options we can consider in terms of NIT or IIIT?

Ans: Prefer CSE @ Thapar over Mech @ BITS (for better career prospects (placements + flexibility). Yet, the final choice will be yours. Else try with lower NITs and with few IIITs @ CSE/Mechanical/ECE

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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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