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Mihir Tanna |1068 Answers |Ask -Follow

Tax Expert - Answered on Nov 30, 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 Mahesh on Nov 23, 2023Hindi

Money

i have sold my flat for white amount of 25 lakhs in Hyderabad the flat before 7 trs purchased for 13 lakhs i am not into tax zone and bout submitted ITR since 10 yrs can i avoid tax on capital gains

Ans: To claim tax exemption from capital gain earned during the year from transfer of residential property, you have to invest gain amount in new house property within 3 years (if you are planning to construct new property) OR within a period of one year before or two years after the date of transfer of old house, you should acquire another residential house.

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 Alok - May 01, 2023Hindi

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I had sold 3 BHK flat in Sept,2015 and invested the sale proceeds in purchasing a flat in March,2016. this year in March,2023 I sold an ancestral flat purchased by my father in August,2007 and acquired by me through family arrangement and purchased a plot out of entire sale proceeds with intention to construct a house thereon. Pl let me know " will I have to pay tax on capital gain amount".

Ans: Hi Alok
Buying a plot is not considered as reinvestment and eligibility is on buying or constructing a residential house.

In this case if you construct a house on the plot then you could map the capital gains from the sale of the ancestral house against the cost of construction of the house on the plot.

Also, as you have sold the house in March 2023, you would need to open a Capital Gain Accounts Scheme (CGAS) account with any nationalized bank on or before the due date for filing your tax return. The deposit of the capital gain amount in the CGAS account would be treated as reinvestment for the moment.

You need to note that this CGAS account amount has to be utilized for construction within 3 years from the date of sale of the ancestral house.

In case you are not depositing the amount in CGAS account or reinvesting in any eligible assets before filing tax return (of course before due date) then you would need to pay tax on the capital gain portion

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Tax Expert - Answered on May 24, 2024

Question by Sanjay - Feb 09, 2024Hindi

Money

Sir, I have purchased a flat for Rs. 40 lakhs in Warje area of Pune in 2012 and I sold it for Rs. 60 lakhs in 2023 after 11 years. What is my capital gains tax?

Ans: Capital gain amount is derived by deducting indexed cost from sale consideration.

Assuming residential property is acquired in FY 2012-13 in 40 lacs, indexed cost will be Rs.69,60,000 and accordingly there will capital loss.

You can calculate the indexed cost from the income tax calculator https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

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Question by Uday - Sep 25, 2024Hindi

Money

Hi Hi am 68 years old retired government employee in 2002 I had purchase a flat at 3.5 lack. Recently on May 2024 I have sell that flt on 21.50 .all the money I have given to my son who had purchased a new flat.can I pay capital gain tax.if yes then how much.

Ans: 01. Since you have sold the flat in May-2024, applicable LTCG tax would be @20%, with indexation.
02. You are liable to declare LTCG in your ITR & pay tax accordingly.
03. Exact tax amount payable by you can't be calculated in absence of detailed info about your Income from all sources & Tax Savings etc.
04. you can gift your son this sale amount, who may utilize the same in a way he likes.
05. If your want to save your LTCG, you should have purchased the new flat, may be in the name of your son. In this way you would have been entitled to exemption u/s 54. There are some tribunal decisions, which have confirmed that property purchased in the name of Spouse, son or daughter (Lineal blood relations), is eligible for exemption u/s 54.
Most welcome for any further clarifications. Thanks.

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Question by pankaj - Jul 15, 2025Hindi

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I have 135000 income, Out of which 55k goes to Home loan (23 years pending), 22k goes to personal loan emi, 3000 mf, 8000 in lic(5 years), 4000 in Debt fund (12 years from now) PPF yearly 1 lac, 10 lac worth Health insurance for family with 14000 per annum ( increase 5% per annum) I already have 1cr Term insurance for which I paid 75000 per annum in last 5 years and Since August no payment to be done. I am a sole earner of Family of 5 members. Kindly guide me if there are any changes to be done in my financial planning considering 10 years horizon If I want to close my Home loan as quickly as possible.

Ans: Hey Pankaj, please revisit your decisions for LIC policy, debt fund, PPF investments since these are not investments that you do to create wealth, they will not give you apt returns to beat inflation. Please close your personal loan as soon as possible since that must be on at a very high interest rate. As far as investments are concerned, there is not enough details here for me to give apt advice to you about your situation, please visit www.slwealthsolutions.com if you are interested to have a detailed conversation.

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Question by Chaitra - Jul 18, 2025Hindi

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Hi sir I got rank of 80,000 in jee main 2025 My ews rank is 11300.I am a girl. I havent got any allotment in all 6 rounds of josaa Will u suggest me to depend on csab to get really good branch and college in it

Ans: Hello Chitra
You have a chance in CSAB for branches like IT, ECE, or even lower CSE in newer NITs or IIITs, so it's worth participating in CSAB.

Good luck.
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Radheshyam

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Asked by Anonymous - Jul 18, 2025Hindi

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Which one is a better choice: Electronics VLSI in KJ Somaiya Mumbai or VIT AP- CSE core as major and VLSI as minor? My main concern is placement and a good peer group. Please suggest.

Ans: Hello dear.
Prefer CSE core with VLSI Minor @ VIT AP. The final decision will be yours.

Good luck.
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Radheshyam

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Hi sir I got 52k rank in comedk, which are the best colleges I can get for CS(cyber security, data science, AI)

Ans: Hello Chiranth
Try with Atria Institute, Acharya Institute, and GITAM Bangalore in later rounds.

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Asked by Anonymous - Jul 18, 2025Hindi

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My son scored 448 marks in neet his neet slno in karnataka state is 7533 with 3BH category wil he get any govt seat in private college in karnataka

Ans: Hello dear.
Chances with GMCs are slim, but private college options under management or NRI quota remain possible.

Good luck.
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Question by Ankur - Jul 17, 2025Hindi

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What are the option for good private college for B.tech + MBA integrated programme with good placement record?

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Question by Shine - Jul 18, 2025Hindi

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What Should I choose Please Guide Me UIET CHD(PANJAB UNIVERSITY CHD)CHEMICAL ENGINEERING, BIOTECHNOLOGY,FOOD TECHNOLOGY OR Bsc Honours in BIOTECHNOLOGY/BIOCHEMISTRY From PANJAB UNIVERSITY CHD

Ans: Hello Shine
Here is the preference order for you: (1) Chemical Engineering @ UIET Chandigarh (2) Biotechnology @ UIET Chandigarh (3) Food Technology @ UIET Chandigarh (4) B.Sc. (Hons) Biotechnology @ Panjab University (Main Campus) (5) B.Sc. (Hons) Biochemistry @ Panjab University (Main Campus). The final decision will be yours.

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Asked by Anonymous - Jun 30, 2025Hindi

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I am a PCMB student and was also a NEET aspirant. Back in school days I used to primarily focus on my biology than maths but would still pass my school test and exam by studying maths one night before. After school I joined a coaching in my city and prepared for NEET 2024. I scored 615 but couldn't score a decent rank. I tried again for it and in NEET 2025 my score is 501 and my rank is around 50k. But still chances of getting any government medical college even under state quota are less. I'm thinking of doing Btech in biotechnology. Reason for this is that I want to pursue MBA after graduation. And I have heard that doing MBA with an engineering background is beneficial. I thought of doing B.Sc biotech but personally I belive B.Tech is a better option cause I would get a tech degree and would also be able to study or work in biology related field and might have have an extra edge than most of the crowd. I also gave JEE. I didn't attempt any question from math section cause it's been 2 years since highschool but I still managed a rank of 98k. I am also ready for double masters after btech. With M.Tech in biotech or bioinformatics and then MBA. Please give me an insight over my career choice

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Question by Modit - Jul 18, 2025Hindi

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I got 38528 rank in comedk and was considering acharya institute of technology for cse or any other cse specialization is this the best university i can get in my rank or do i have better option

Ans: Hello Modit
CSE @ Acharya is a good option, which you can get. If you are interested in core branches, then you can try with NMIT or DSCE with the mentioned score.

Good luck.
Follow me if you receive this reply.
Radheshyam

Radheshyam Zanwar |5556 Answers |Ask -Follow

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Asked by Anonymous - Jul 18, 2025Hindi

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Sir milega kya csab m please reply West bengal crl 121420 and obc 39420 want iiest shibpur mining 2025 josa close 34995 (wbjee not release ) 2024 josa close 38k Csab R1 115k -126k R2 143k-150k 2023 josa close 30k Csab R1 130k-141k R2 142k-168k 2022 josa close 31k Csab R1 124k-124k R2 125k-127k 2021 josa close 42k Csab R1 139k-139k R2 139K

Ans: Hello dear
You have a chance of getting Mining at IIEST Shibpur through CSAB 2025. Keep a close eye on the counseling process.

Good luck.
Follow me if you receive this reply.
Radheshyam

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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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