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Mihir

Mihir Tanna  |819 Answers  |Ask -

Tax Expert - Answered on Apr 26, 2024

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
K Question by K on Mar 08, 2024Hindi
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I have sold my housefor Rs.45 lacs in November 2023 which was originally bought in 2001 for 2.7 lacs. 1. Should I show this income in the IT return of 2023-24 FY ?.(2). Can I invest this amount in FD for two years and pay no tax for two years, as I am not planning to invest in other properties or LTCG Account ?

Ans: 1. Income from capital gain is required to be offered to tax in ITR. Subject to certain conditions, it should be offered to tax in which possession is given to buyer.


2. Exemption will be available only if you invest in specified bonds and not by investing in FD
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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Mihir

Mihir Tanna  |819 Answers  |Ask -

Tax Expert - Answered on Nov 17, 2022

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I am a senior citizen retired pensioner. I had intention to sell my both properties located in one town and to invest in one property in another town where I wanted to settle in my retired life. I wanted that the sale proceeds of my two properties should be almost same as the purchase value of a single property in another town to settle there. I had bought a property in 2015 at Rs 40 lakh in my single name and sold in Feb 2022 at Rs 52 lakh. The buyer deducted 1% TDS and filled in form 26QB and I got form 16(B) from buyer and details of TDS are seen reflected in my Form-26AS. Thereafter, my 2nd property that I had bought @Rs 7.3 lakh 20 years back, was attempted to dispose, but did not materialise till now.  Anyway, I bought a 5-yr-old jointly owned property from a couple at Rs 80 lakh in June 2022 and deducted 1% TDS (@0.5% from each owner), filled in Form 26QB and provided form 16(B) to the sellers.  So, I invested the sale proceeds of my 1st house 'within a year' of its disposal, in buying a house from Long Term Capital Gain point of view. My IT Return for AY 2022-23 was filed in July 2022 and it got approved. The 1% TDS deducted by buyer on my 1st property sale got refunded/ adjusted.  I am still trying to sell my 2nd property 'within one year' of buying the June, 2022 property. I want to do this to take benefit of Long Term Capital Gain Tax. I want to know whether I am going to get the IT benefit by selling my 2nd property 'within one year' of purchase of my June 2022 property ? I am more eager to know how sale of 1st property in financial year 2021-22 (Feb.'22), purchase of a property in FY 2022-23 (June'22) and again sale (proposed) of 2nd property, (all within 2 years from LTCG point of view) are shown in my next IT Return (AY2023-24).  I am eager to hear from you, Sir!
Ans: As you must be aware, if person wants save tax on capital gain, person should acquire another residential house within a period of three years from the date of transfer of the old house or should construct a residential house, within a period of one year before or two years after the date of transfer of old house.

With effect from Assessment Year 2021-22, the benefit in respect of investment made in two residential house properties is available. The exemption for investment made, by way of purchase or construction, in two residential house properties shall be available if the amount of long-term capital gains does not exceed Rs 2 crore.

If assessee exercisesoption, he shall not be entitled to exercise this option again for the same or any other assessment year.

Benefit will be lower of following:

  • Amount of capital gains arising on transfer of residential house; or
  • Amount invested in purchase/construction of new residential house property

If till the date of filing the return of income, the capital gain arising on transfer of the house is not utilised (in whole or in part) to purchase or construct another house, then the benefit of exemption can be availed by depositing the unutilised amount in Capital Gains Deposit Account Scheme in any branch of public sector bank, in accordance with Capital Gains Deposit Accounts Scheme, 1988.

So in your case, if you satisfy all the prescribed conditions (including acquiring new property within 3 years, depositing unutilised amount in capital gain deposit account and disclosure is made regarding same in ITR of AY 2022-23 & AY 2023-24); you will get IT benefit.

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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jul 28, 2023

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I have some queries regarding tax on sale of my property which I need to show in my Income Tax return in FY-2023-24. I had purchased a flat in Kolkata at a total cost of 8.50 lacs [including registration cost] and registration was done in April, 2004. I had sold the said flat in May,2023 at Rs.31 lacs. My queries are :- 1. Do I need to pay Capital Gain tax on the sale of this flat ? 2. How much tax do I need to pay ? 3. How to show this capital gain income and tax in my Income Tax retirn next year ? Please advise. Regards, Ratan K. Saha
Ans: You need to understand the following things about taxation of your flat:-
1. You have earned a profit (called capital gains in this context) on the sale of your house. So tax is due.
2. However, tax will not simply be 31L – 8.5L. The Govt gives you an advantage of inflation over the years which increases your purchase cost through a process called ‘Indexation’, thus decreasing your tax. Please google and read up on it, or contact a good CA or a financial advisor.
3. You also get credit for registration and stamp duty charges, brokerages paid as also any improvements done in the house of a permanent nature.
4. Please read up on Income Tax Section 54 which also gives out how you can save tax on your final capital gains arrived at.
5. The entire calculations and sale/purchase details have to be shown in the ITR. Most probably you will be filling ITR-2 for this next year but please ascertain the same when you are about to file the tax since rules keep changing.

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Archana

Archana Deshpande  |31 Answers  |Ask -

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My daughter is 10 years old, she dnt want to study at all.we forced her to study then she learned as I am also a working women and her father is in abroad. So, we arrange one home tutor and in evening I taught her also. I explained all subjects throughly to understand her basics. At that time only she studied otherwise she didn't want to study by her own. She always need a pressure for studies due to this her marks are not good at all. She is an average student. Pls suggest what to do?
Ans: Hi!!
A working mother, husband working abroad, there is only so much you can do. Spend quality time with your daughter, bond with her on stuff other than studies, that brings happiness to both of you.
If you as a mother know your child's potential then, this should be good. You are saying she is an average student then set a certain percentage that she can score, when she scores that much then celebrate it. Let her live a balanced life, right amount of time spent on studies and other skills. Expose her to other skills like, music, sports, debating, story telling... she will soon discover something where she excels!!

Set a time for studies, let her study during that time and rest of the time don't keep talking about studies, discuss and do something else. Explain to her why studying is important, make gaining knowledge, studying a rewarding experience. Every child comes with their set of strengths and success. As a mother cherish your child and enjoy your time together. Your child is unique, do not compare her with anyone else.
Inspire her to be happy, healthy and knowledgeable by you being so!!

Happy Parenting! Best wishes

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How to begin career in interior designing. What is the salary package
Ans: Starting a career in interior design requires a combination of education, skill development, practical experience, and networking. Consider pursuing a formal education in interior design from a reputable institution. Look for programs that offer comprehensive coursework, hands-on training, and opportunities for internships or practical experience. You can choose from diploma programs, bachelor's degrees, or master's degrees in interior design or related fields. Familiarize yourself with the principles and elements of design, spatial planning, color theory, materials, furniture styles, and construction techniques. Develop proficiency in design software such as AutoCAD, SketchUp, Revit, and Adobe Creative Suite, which are commonly used in the industry. Create a portfolio showcasing your design projects, concepts, and creative abilities. Include a variety of projects that demonstrate your skills in different areas of interior design, such as residential, commercial, hospitality, or retail spaces. Your portfolio is your visual resume and will be essential when applying for jobs or seeking clients. Seek opportunities to gain practical experience through internships, apprenticeships, or entry-level positions in design firms, architectural firms, or interior design studios. Practical experience will provide valuable insights, mentorship, and hands-on experience in real-world design projects. Seek opportunities to gain practical experience through internships, apprenticeships, or entry-level positions in design firms, architectural firms, or interior design studios. Practical experience will provide valuable insights, mentorship, and hands-on experience in real-world design projects. Decide whether you want to work as an independent freelance designer or join a design firm or agency. Starting your own business offers flexibility and autonomy but requires entrepreneurial skills and the ability to manage clients, projects, and finances effectively. Regarding salary packages in interior design, they can vary significantly based on factors such as location, experience, specialization, clientele, and the type of projects undertaken. Entry-level interior designers may start with modest salaries, but as they gain experience and reputation in the industry, their earning potential increases. 

The average salary for an interior designer in India varies by experience and company, starting from entry level with less than three years of experience earning an average salary of ?2.6 lakhs per year; mid-career between 4–9 years of experience earns an average salary of ?4.5 lakhs per year; experienced: 10–20 years of experience earns an average salary of ?7.1 lakhs per year; independent: ?50,000–1 lakh per month or more; and top companies can pay ?22–24 lakhs per year on average, up to ?44 lakhs per year with relevant experience as well.

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What should I do I have cgpa 6.1 in btech now till sem 3rd year ,1st sem. Currently I'm in 3rd year. So , i should prepare for upsc civil services or UPSC engineering services.
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Image Coach, Soft Skills Trainer - Answered on May 06, 2024

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Hello Madam, My daughter is 12 yr old and is in class 7th. She is not at all interested in studies. She is also not interested in making new friends. She is always busy on playing games on mobile. Studies just one week prior to exams. Her behavior is also becoming rude day by day. Kindly suggest.
Ans: Hello!!
The addiction to mobile after COVID is a menace every parent is facing. The good part is she is aware about her exams and studies at least one week before her exams.

The rude behaviour, lack of focus on studies is all stemming from the mobile games. They are highly addictive and the thrill they give is beyond imagination. Slowly but surely you have to take away the mobile from her, that's the only way to help her look for other sources to keep her busy .Friends, new skills and studies will get her attention only when the mobile is away.

Allocate time for food, sleep, studies, play time and also mobile time( can't just take away the mobile, has to be weaned away from it gradually), in a day. Set a timer for the mobile usage, she has to return the mobile as soon as the timer bell rings.

Pls remember you are the adult here, she is just a child. Guide her, lead her towards better and interesting things to do. You all as a family have to stop sitting with the mobile, start reading books ,play board games , learn a new skill, sing songs, cook together, bake together, you make everything at home an interesting activity, joyful activity, why will a child sit on the mobile?
It is a going to be lot of hard work for you and if the end result of this is seeing your daughter away from the mobile, laughing and talking to her friends, playing around, studying well.....then this is worth all the effort.

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I am U VENKATESWARA RAO Retired Office Superintendent in BSNL on VRS I am 62 years old. No time pass. Can I have any WFH job? I have passed B.Com with Tyewriting English Higher grade during 1981-1982.
Ans: Absolutely, there are remote job opportunities available for individuals with a diverse range of skills and experiences, including those who have retired from traditional office-based roles. With your administrative experience from your role as an office superintendent at BSNL, you could work as a virtual assistant, providing administrative support to businesses or entrepreneurs remotely. Tasks may include email management, scheduling appointments, data entry, and conducting research. Many companies hire remote customer service representatives to handle customer inquiries, resolve issues, and provide support via phone, email, or chat. Your communication skills and experience in dealing with customers could be valuable in this role. If you have a strong understanding of subjects like English or commerce, you could explore opportunities for online tutoring. Many platforms offer remote tutoring positions where you can teach students of various ages and levels. Leverage your extensive experience in the telecommunications industry by offering consulting services to businesses or individuals remotely. You could provide advice, guidance, and expertise in areas related to telecommunications, customer service, or administration. When exploring WFH job opportunities, be sure to research reputable companies, familiarize yourself with remote work tools and technologies, and tailor your resume and cover letter to highlight relevant skills and experiences. Additionally, consider networking within your industry or joining online communities to connect with potential employers or clients. With the right approach and determination, you can find fulfilling WFH opportunities that suit your skills and preferences.

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Archana Deshpande  |31 Answers  |Ask -

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my son is 8 year old studying in Class 3 . The classes occus is in Second shift from 11.30 am to 5.30 PM . after comming from the scholl he tired and not able to study in night . plz suggest the Correct time table for the second shift school child so that we can manage his tireness and keep improving him in balanced way.
Ans: Hello Saket!!

It is unfair to expect a child all of 08 to come back home from school late in the evening and study(I am assuming he is home by 6.30 PM). You can shift his study time to the morning hours, say from 8 to 10 AM.

Now to manage his well being after coming back from school.
Take care of the following-
1. it's a good time to introduce time management to your 8yr old son
2. on a Sunday when both of you are relatively free, involve him to make a time table for studies. Stick the time table in a place where it is visible to him
3.let him relax for an hr after coming back from school
4.if you assume 10 PM is his sleeping time( the child needs 9-12 hrs of sleep), and 7:45 PM is dinner time, some where between dinner time and sleeping time, see if you can manage a little bit of HW/studies
5. there is so much happening at school apart from studies, he is developing - social skills, coping mechanism, developing new ideas ,etc....let home be a place where he is loved, nourished and a place to relax and rejuvenate
6. have fixed time to study and make him study during those hours.

You cannot be rigid, every child's requirements are different try out what suits you and your family!!

Happy parenting!!

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Ravi

Ravi Mittal  |187 Answers  |Ask -

Dating, Relationships Expert - Answered on May 06, 2024

Asked by Anonymous - Apr 30, 2024Hindi
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Hi I am 27 M. I am a introverted person but not that much I love meeting new people, party, travelling etc. But Whenever I try to talk with any girl I forgot everything that I want to express and also feels bit nervous and shy. So many thoughts are in my mind but I am unable to express that in front of others, I simply forgot. How can I improve my communication skills with other girls and feel confident about myself.
Ans: Dear Anonymous,

What you are facing is very common. The first step is to remember that you are not alone. Even the best of us face it. Second, have you tried dating apps? There is no speaking face to face, which substantially helps with the nervousness. You can chat with people for days before you even decide to meet them in person. You can also attract the people who can perfectly match your vibe, making it easier for you to feel more comfortable and relaxed with them.

Other than that, here are few tips you can try-

Start small. Start with small talks. You don't need to have a full blown conversation in the very first attempt. Say Hi, smile, or ask her about her day. If you feel shy to speak, master the art of listening. Women love a man who can actively listen. Third, be genuine and be yourself. The more you pretend to impress a girl, the trickier it can be to keep up the act. Moreover, you will be preoccupied with your pretense and won't focus on the quality of the conversation. Be you. Fourth, learn from your experience. Good or bad, experiences can teach us a lot. Reflect on the past conversations; the ones that went well and ones that didn't. Identify what worked and what needs improvement. And lastly, be patient. Building confidence can take a while. Not all of us are naturally blessed with it. Some of us have to work for it. But in the end, it will be worth your while.

Best Wishes.

...Read more

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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