Home > Money > Question
Need Expert Advice?Our Gurus Can Help

Transferring New Flat Ownership - Tax Implications?

Mihir

Mihir Tanna  |954 Answers  |Ask -

Tax Expert - Answered on Aug 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
M Question by M on Aug 16, 2024Hindi
Listen
Money

Ten years ago my son booked under construction flat for one crore rupees. Now flat is ready for possession and son is transferring the allotment letter to his father before the registration.For stamp duty calulataions the circle rate of the property is two crores. what is the income tax implication for both son and father?

Ans: Gift received from son is not an Income. So there will not be any tax implications on transfer of flat by son to father. In future when father transfer the flat, cost to the previous owner (son) will be cost to current owner (father). Date of acquisition will also be date on which son acquired flat.
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.
Money

You may like to see similar questions and answers below

Latest Questions
Nayagam P

Nayagam P P  |3821 Answers  |Ask -

Career Counsellor - Answered on Oct 19, 2024

Kanchan

Kanchan Rai  |370 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 19, 2024

Asked by Anonymous - Oct 19, 2024Hindi
Listen
Relationship
I am going through some situations in relationship with wife and not able to distinguish as what step shall I take In short I may explain We have arranged marriage We married in 2019 We had a distance relationship as both are working Due to some misunderstanding we detached from each other since April 2021 till July 2024 with zero contact and conversation Now she again contact me in July 2024 And decided to again start a new venture She put some demand As I am here now and may be posted anywhere in India wherever my company may post me For this I contacted one of my friend who works in same institution and is my childhood friend He told me yes it is good to take promotion and if she will take promotion then forever she will keep roaming anywhere in India My friend told me ( actually he knew all our situation of relationship) that see looking at your situation you both are already not living like a couple so she should think for social life which she can while refraining promotion which is possible. My wife now asking me as she wants baby And told me as baby will remain with me and since my wife had no brother she also told me as she would keep her parents forever with her. I told her ok I just want a life where we all may enjoy together and if we may be blessed with any baby so he or she should get love of all ( you ,me and our parents). She denied and told me it isn't possible Now am suffering from lots of thoughts and stress with uneven mood swings as if I go for baby then how it will work She isn't underpaid or unemployed Earning almost more than lakh a month I told her am ok with ur promotion but I want all should get love and care of baby Now I am struck in between
Ans: First, it’s important to acknowledge how difficult this must be for both of you after such a long period of no contact. Rebuilding a relationship after being apart for over three years, especially with such different expectations, will take patience, understanding, and honest communication.

It sounds like both of you have valid concerns. She wants to balance her career and family, and you want a life where the child is surrounded by love and stability. However, her desire to have her parents with her permanently and your concerns about how the baby will be raised need to be discussed thoroughly before making any decisions.

Your friend’s advice about considering how to balance personal and professional life is worth thinking about, but ultimately, this is about what you and your wife want from your relationship. A good starting point would be to sit down with her and have an honest, open discussion about your expectations. It's important to figure out whether both of you can compromise on certain issues. For example, can you find a middle ground where you both feel supported in your careers while also prioritizing the family dynamic you both envision?

Consider couples counseling, as it might help both of you communicate better and understand each other's perspectives more deeply. The key is to align your goals and see if you're both willing to make adjustments for the future you're trying to build together.

Lastly, take care of your emotional health. If you're feeling overwhelmed, it might help to talk to someone neutral or even a counselor to help you process your thoughts and make decisions with more clarity.

...Read more

Kanchan

Kanchan Rai  |370 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 19, 2024

Asked by Anonymous - Oct 17, 2024Hindi
Listen
Relationship
LI have a boyfriend of almost 3 years. We have been in a loving relationship. My boyfriend lives in a joint family set up while I have lived almost my whole life in a nuclear family. My family has always been very open minded whereas his family is a traditional Indian jount family. Over this period I have met his family twice or thrice for not more than 2 hours or so. Same is the case with my boyfriend His side of the family seemed to be decent overall. Since, we are planning to get married, me and my boyfriend decided to introduce our families with each other. On doing so, my parents found multiple points of differences in their culture and ours. They even warned me if I will be able to survive in this family and I feel that my family is 100 per cent right about this. Although, they approved of my boyfriend but not his family. Should I marry him?
Ans: It’s great that you and your boyfriend have a loving relationship and are thinking about the future. However, the concerns raised by your parents about the differences in family setups are valid, especially since they can play a big role in your day-to-day life after marriage.

Before making any decision, have an open conversation with your boyfriend about what life will be like in a joint family. Discuss expectations, privacy, and how involved his family will be in your marriage. It's also important to reflect on how flexible you both are when it comes to navigating these differences. While love is crucial, adapting to different family dynamics can impact your happiness long-term.

Ultimately, the question is whether both of you can work together to balance your individual expectations while maintaining harmony with his family. If you feel confident in your ability to communicate and compromise, and that he will support you through this, it could work. However, if you foresee these cultural differences causing too much strain, it’s important to weigh that carefully before moving forward.

...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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x