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Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Nov 02, 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 Matta on Oct 24, 2023Hindi

Money

MY SON IS IN U.S, (N R I) HE IPURCHAGE A RESIDENCIAL HOUSE WORTH 55 LAKS, IN JAN.23, TOTAL AMOUNT TRANSFER FROM INDIAN SB A/C, HE IS HAVING- PAN, ADDHAR No. BUT NO TAXBELE INCOME, IN INDIA only RETAL INCOME AND AGRICULTUE INCOME, AT PRESENT HE IS NOT SUBMIT ANY IT RETURNS IN INDIA FROM 10 YEARS, THERE IS ANY NEED TO SHOW THIS TRANSACTION IN I.T RETURE FRESH COMPLEESORY.. PLEASE GIVE ME ADVISE

Ans: Please refer to FAQ available at income tax portal https://incometaxindia.gov.in/Pages/faqs.aspx?k=FAQs+on+filing+the+return+of+income

Person is required to file ITR if income (before considering certain exemptions and deductions) exceed maximum exemption limit (which is 2.5 lacs under old tax regime). Person is also required to file ITR if other prescribed conditions are fulfilled. Based on available facts, i understand that he is not required to file ITR so question of disclosing doesn't arise.

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 Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Nov 02, 2022

Question by Gulshan - Nov 02, 2022Hindi

Money

I received money from my PF Account after retirement and paid money for purchase of a flat in my son’s name. Later on the flat sold after 3 years with a profit of Rs 5,000 but commission paid to dealer was Rs 20,000. The earlier amount paid for purchase by me to seller was online from my bank account but in latter case, the amount was transferred to my son’s account who then paid the purchaser (in 2nd case of sale of house). Later on, after sale of flat, this sale amount was transferred by my son to my account. Should I show the profit of Rs 5,000 in my income tax return? Further, it is also informed that this house was purchased and later sold on Power of Attorney as registry for this property/colony is not open by the govt. Please guide me in the matter whether my son should show this transaction in his return or I should do it as money was initially paid by me and later on taken back by me only? Please help in the matter and oblige.

Ans: Once property is gifted to relative and all the legal formalities are completed, relative becomes actual owner i.e. in your case your son. Hence, the profit arising on the transaction is to be shown in your son’s return.

The money received on transfer of flat and sent to you is gift received from son and gift received from relatives is not an income.

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 25, 2023

Question by A - Jul 24, 2023Hindi

Money

Dear Sir Greetings!! I am an NRI. I have taken a housing loan from my NRE account. I have income from Indian sources for which I need to file my IT returns which I am doing every year. However during the previous year 2022-23 I purchased a property where my family is staying. I have taken housing loan for the said property through NRE account. Is it necessary to show the interest and principal paid in my tax return under Income from House Property? Your guidance will be highly helpful to file my return. Thanks in advance. A V Rajan

Ans: Dear Mr. Rajan,

Greetings! I hope you're doing well.

To answer your question, as an NRI who has taken a housing loan from your NRE account, you can indeed claim tax deductions on the interest and principal paid for the property.

Under the Indian Income Tax Act, you can claim deductions under Section 80C for the principal repayment of your home loan, up to a maximum limit of Rs 1.5 lakhs. Additionally, you can also claim deductions under Section 24(b) for the interest paid on your home loan, up to a limit of Rs 2 lakhs.

However, please remember that these deductions can only be claimed if you have taxable income in India. Since you mentioned that you have income from Indian sources and you file your IT returns every year, you should be able to avail these benefits.

I hope this information helps you in filing your tax return.

Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Oct 19, 2023

Question by Matta - Sep 30, 2023Hindi

Money

MY FRIEND IS IN U.S, HE IPURCHAGE A RESIDENCIAL HOUSE WORTH 52 LAKS, IN JAN.23 WITHOUT NRI ACCOUNT, HE IS HAVING- PAN, ADDHAR No. BUT NO TAXBELE INCOME , IN INDIA IS RETAL INCOME AND AGRICULTUE INCOME , ONLY, ANY NEED TOSHOW THIS TRANSACTION CAN SHOW IN I.T RETURE

Ans: Given the facts of your friend case, in Income tax return, there is no requirement to show transaction of acquisition of property.

Latest Questions

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 16, 2024

Asked by Anonymous - Oct 30, 2024Hindi

Money

I am retired on 31/12/2024 due to mismatched of name spelling my dept not forward my documents to prosid my pension.my name is same but spelling are different please guide me.

Ans: Hello;

You may submit a joint declaration with your employer and supporting documents to the Regional PF Commissioner for your name correction as per PAN. Take proper acknowledgement.

Follow up regularly with the concerned authorities to ensure your request is being processed timely.

The EPFO usually takes 15–30 days to process a name change request. The processing time may vary based on the efficiency of the regional EPF office.

Name has to be strictly same as per your PAN, Aadhar, bank and even spelling change is flagged as per EPF system.

Best wishes;

Radheshyam Zanwar |1044 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 16, 2024

Question by Aashish - Nov 15, 2024Hindi

Career

Im b pharmacy fresher and seeking in entry level position in clinical research so is it mandatory to do a post graduation diploma in clinical research

Ans: Hello Aashish.
It is not mandatory to do PG right now, but it is recommended that you do so if you wish to boost your career in Clinical Research and want stability in your job. Best of luck with your future.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Radheshyam Zanwar |1044 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 16, 2024

Question by Ak - Nov 16, 2024Hindi

Career

hello sir i gave my pcb 12 boards this year and next year if i write math additional exam from the same state board will i be eligible for jee mains paper 2 b.arch? will there be any problem during josaa counselling as there will be 2 different certificates ? do SPA’s and NIT’s accept 2 certificates?what do i fill out in jee mains form now appearing or passed ?

Ans: Hello AK.
(1) You can appear for JEE (Main) Paper-2 i.e. B.Arch.
(2) There will be no problem in JOSAA counseling.
(3) As you are appearing in the subjects 'mathematics" this year, then please fill out as "Appearing".
(4) There will be no issue @ SPA's and NIT's admission if you score the required percentile in JEE (Main)
Best of luck to your upcoming future.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 16, 2024

Asked by Anonymous - Nov 07, 2024Hindi

Money

I am a 38 year old female freelance content writer earning around 28k per month. After 10k per month expenses what's the best way to invest. My husband earns well but I want an individual investment plan that I can do with the intention of buying maybe a real estate of 25 lakh in next 5 years. Is it possible?

Ans: Hello;

If you do a monthly sip in pure equity mutual funds for 18 K for 5 years then you may reach a corpus of around 15 L, for accumulating sum over 25 L you may have to give 8 years to your investments.

Please ascertain your risk tolerance before you venture into mutual funds.

Happy Investing;

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 16, 2024

Asked by Anonymous - Nov 10, 2024Hindi

Money

I am selling an old house. As per new tax regime LTCG is 12.5% plus so many surcharges. The cost as per valuer is 15 lakhs in 2001. The sale price is 4.0 CR. Two questions : Q 1) Can I claim the renovation on the old house ? How much and how many times ? What is the documentation required as the renovation was done in 2005 and 2015 for 6-8 lakhs each. But no bills are available now. 2) what are the other expenses which can be claimed for eg Brokerage fees, Consultation from Advocate fees , travel and hotel expenses for my family for doing the sale registration ? Is there a limit ? Any thing else that can be claimed ? Kindly let me know your advice.

Ans: Hello;

Since your house is old, you have two options:

1. Sell without indexation and pay 12.5% LTCG tax.

2. Sell with indexation and pay 20% LTCG tax.

In both cases you are allowed to deduct renovation and transfer expenses.

You need to consult a CA to know exactly what is allowed and what is not allowed as per ITax Act.

Also if you get any queries from IT Deptt., later on, you can rely on the written advice and consultancy provided by a practising CA.

Best wishes;

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Suresh - Nov 08, 2024Hindi

Money

Hello Sir, i am now 48 , having 1.5CR in equity, 60L MF, 60L EPF. My monthly expenditure is 1L/M , i have a home loan 40L. i have son studying 8th grade. Wanted to be retired at 50 . Please suggest is this good time to retired.

Ans: Hello;

Two big responsibilities are ahead of you:

Home Loan repayment(40 L) and
Higher education for your son

You can dip into your savings to prepay your loan but your retirement corpus gets reduced plus you will also have to earmark some fund(~40-50 L) for son's higher education.

Therefore my suggestion to you would be to postpone retirement atleast till 55 age so that you will have more retirement corpus, time for prepayment of home loan and clarity on son's higher education expenses.

Take adequate healthcare insurance cover for family.

Best wishes;

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Informative - Nov 08, 2024Hindi

Money

Iam 22 now , i want to retire at45 ,I need 1.5 Cr Retirement curpos, now I do my sip of 3500 ,iam running my csc center My monthly income around 15k per month how I can retire early with good amount please help me

Ans: Hello;

You need to top up your monthly sip of 3.5 K by 14-15% every year for 23 years so as to be able to reach target corpus of 1.5 Cr. in next 23 years.

A modest return of 12% assumed from pure equity mutual funds.

Happy Investing;

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Srinidhi - Nov 08, 2024Hindi

Money

I am a 55 year guy who wants to hang his boots early. I am a the peak of my career where the money is good but i am seriously exhausted and bored.. I have a corpus of 2CR and want to know where to invest so that we have a decent living standard for the next 15 years atleast given that medical expenses also need to be covered.. I am currently covered with a 10L plan by STAR Health for which i spend 50k per year to cover for my wife and self

Ans: Hello;

The optimal solution for you would be to buy an immediate annuity from a life insurance company for your corpus of 2 Cr.

Considering annuity rate of 6%, this may yield you a monthly payout of around 85 K(post-tax).

You may choose option of joint life(you & your spouse) annuity with return of purchase price to your nominee.

If you shop around, you can better annuity rates.

Consider increasing your health care cover upto 25 L considering rise in cost of healthcare.

Also keep sum of 5-6 L as emergency funds in savings account/liquid mutual funds.

Best wishes;

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Question by Sai - Nov 11, 2024Hindi

Money

Is ulip plans or good to invest or mutual funds are better can you tell???

Ans: Hello;

Take a term life insurance policy and use mutual funds for your investments.

So yes indeed mutual funds are much better investment then ULIP.

Happy Investing;

Milind Vadjikar |630 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 08, 2024Hindi

Money

Hi, I have corpus of 20.00 lacs in SIP, and currently running SIP of 30k per month, how much time will have cross 1.00 crore my corpus..

Ans: Hello;

If you retain the corpus in MFs and continue monthly sip for 9 years, your total corpus will be 1 Cr+.

A modest return of 12% from pure equity mutual funds is assumed.

Happy Investing;

See more questions »

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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