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Mihir

Mihir Tanna  |1018 Answers  |Ask -

Tax Expert - Answered on Jan 22, 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
VSPMANI Question by VSPMANI on Jan 19, 2024Hindi
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I have sold a house for Rs 2250000/ on 19 Feb 2021 (The house was purchased by me in 2000. Capital Gain for the said house was calculated by me to 1069000.The amount was deposited in SBI Cap Gain Savings scheme in Jul2021.Neither I purchased any land nor I purchased a flat till now. Can I ask extension of a year to construct a house above my existing single storey residence or If no extension how much of percentage LTCG Tax to be paid by me.I have not withdrawn mt CGSS ac from Bank. When I went for closing Bank askin Approval from the ITO. Please guide me to save the tax

Ans: No, there is no such provision in income tax, allowing extension of period prescribed for exemption. You have to pay tax @20% plus applicable surcharge cess in the year of expiry of 3 years from transfer of original asset.
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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