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Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Feb 17, 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

Question by Soumyajit on Feb 12, 2024Hindi

Money

Sir, i will be selling a land for 80 Lakhs,(buying price was 50 lakhs) what i can do to avoid capital gain tax. Please suggest.

Ans: Assuming it is Income from long term capital gain; to save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares 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 shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

To get the benefit of Sec 54F, person should not own more than one house property on the date of transfer of asset and not on the date of acquiring new residential 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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Asked by Anonymous - Dec 18, 2023Hindi

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We 3 brothers have sold in June 23 a property built by our father in 1953 in a town in East Bardhaman. My share is say Rs 6 lacs. What best can be done to avoid capital gain tax. I am submitting ITR every year.

Ans: Just having a broad look at your limited information, we are unable to ascertain whether you are liable to pay any tax on property sold as, any long term asset held for more than 24 months is eligible to claim indexation which increase the cost of acquisition, thus resultant gain/loss vary on that.

We suggest you to get the fair market value analysis done for property by government authorized valuator as on April 2001 to get a clear picture whether you really are liable to any tax on gain. Further suggestion in this regard can be given thereafter and having full information about the subject.

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Tax Expert - Answered on Feb 17, 2024

Asked by Anonymous - Feb 07, 2024Hindi

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Sir I given land for developement I got this from my grandfather. I got 70 lakhs capital gain how to save tax in investment

Ans: To save tax, you can acquire house property and get exemption u/s 54F. As per section 54F, if you want to buy a residential house property from long term capital gain from sale of shares 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 shares. If amount can not be utilised before filing return then amount should be kept in CGAS.

To get the benefit of Sec 54F, person should not own more than one house property on the date of transfer of asset and not on the date of acquiring new residential property.

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Tax Expert - Answered on Aug 14, 2024

Asked by Anonymous - May 10, 2024Hindi

Money

I sold a property with 90 Lakhs what should I do with this money with net long term capital gain 30 lakhs to avoid tax, should I put in bond,fd giving tax or buy property in a place with 90 lakhs and get 18k p m as rent

Ans: To save tax, you need to invest at least Capital Gain part of the transaction, in :
(a). Purchase of a Residential Property, with in time limit of one year before or two years after the sale of property generating Capital Gain.
(b). Purchase Capital Gain Bonds, issued by NHAI etc.
(c). You may spend Rs.60 lakhs (Rs.90.00 - 30.00 lakhs), as per your choice.
(d). In your question, last option suggested by you seems to be a good choice, which will ensure increase in your monthly income and also take care of Capital appreciation (provided the property is residential).
Most welcome for any further clarifications. Thanks.

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Asked by Anonymous - Feb 18, 2025Hindi

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I have sold a property with holding period less than 2 years. what are the ways to save short term capital gain on property . Also property holding period is calculated from agreement date or sale deed date of buying the property .

Ans: 01. Holding period of property shall be calculated from the dale of Sale Deed & not agreement date.
02. There is no relief or deduction or exemption offered by the department in case of STCG form sale of property.
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Asked by Anonymous - Feb 19, 2025Hindi

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After marriage I can't complete my degree. Now after 18 years I am trying to do B A from jnvu rajasthan. I filled the examination from private but I am confuse how to prepare slaybus, notes etc. I have only 1 month for preparation.plz guide

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Career Counsellor - Answered on Feb 19, 2025

Question by archana - Dec 28, 2024Hindi

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Dear sir, My name is Manjunath aged 50, we are basically from Karnataka but now working and settled in Gujarat last 20 years, I have 2 kids studying class 6 and class1, Our caste is OBC, I need to take an advantage of OBC caste for my son future studies, but the problem is in Karnataka taluk office they are not issuing caste certificate because they are saying we need to stay present then only certificate will issue, but in Gujarat we don't know we can get certificate or not because the perticular caste not exists in Gujarat state. Please help me how to get OBC certificate from which state and the process Regards Manjunath

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Nayagam P P |4129 Answers |Ask -Follow

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Asked by Anonymous - Feb 12, 2025Hindi

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If i scored 184 in neet test so how many questions did I so correct

Ans: The test answer keys, available online or offline, can be accessed depending on the test location, or cross-checked with faculty or classmates. All the Best for your Prosperous Future.

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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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