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Mihir

Mihir Tanna  |1090 Answers  |Ask -

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
Matta Question by Matta on Oct 24, 2023Hindi
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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

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Tax Expert - Answered on Jan 29, 2025

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I have purchased a flat worth Rs 70 lacs and registered it in my son's name The full amount has been paid from my savings . My son was an NRI at the time of registration and doesn't have income source in India , except maybe Rs 2 lacs in his savings account. I recently came to know that we have to inform , if we purchase any property above Rs 30 Lacs . Will the above transaction cause any Income Tax issues for my son ? I don't not own any other property I have furnished the flat and stay in it whenever I come to Coimbatore I stay in a different apartment in Madurai I don't not plan to rent it out. My reason for buying a property in his name is I am 70 years old and I want to create an asset for him in the future. Is there any submission He or I have to make to I T Dept stating that I have gifted the amount. I am an assessee and file I T Return regularly. My son used to file when he was employed in India . Last 2 years , he is a NRi and doesn't file since he doesn't have any Income . Should I just prepare a Letter for records ,stating I have purchased a Flat in my son's name as A Gift and give details of amount paid by me from my Bank account to the Flat promoter.
Ans: Reporting will be done by the property registrar and not by buyer/seller.

If father give gift to son of substantial amount, it is advisable to execute the gift deed.

As son don't have any income source in India, department may ask source of money and which can be explained by you with proper documentation.

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Dear sir, I have recently given a loan of $95,000 USD to my NRI daughter living in the USA, when she requested me for this help to buy a house. I expect to get this back from her in a year or two. While transferring this amount to her, the Forex transfer agency had advised me to show it as "Gift" to blood relation and has charged TCS @20% on INR value above Rs.10 L - as per RBI's regulations. While doing so, they stated that I shall be eligible to adjust it against any future tax liabilities of the current f.y. and the excess amount left unadjusted thereafter, if any, shall be claimed as 'Refund' during my ITR of the next Assessment Year. Now my question is - (1) What kind of documentations I need to maintain for this TCS refund? (2) After a year or two, when my daughter transfer this money back to my bank account, how do I correlate receiving this huge amount coming back into my account, and show that it is not my income from any foreign sources and instead a return of fund I had transferred as a loan to my blood relation, which is now being repaid back, without any financial gains (e.g. interest earned or so), albeit there might still be some profit or loss, depending upon the forex exchange rate prevailing at the time of this refund. Please advise.
Ans: 1) Gift deed, forms submitted to bank for remittance and bank statement will be sufficient for claiming refund

2) While taking back money, nature mentioned in forms submitted to bank will suffice to say that amount received back is not an income.

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Hello, I am currently in Class 12 and preparing for JEE. I have not yet completed even 50% of the syllabus properly, but I aim to score around '110' marks. Could you suggest an effective strategy to achieve this? I know the target is relatively low, but I have category reservation, so it should be sufficient.
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Tech Careers and Skill Development Expert - Answered on Dec 13, 2025

Asked by Anonymous - Dec 12, 2025
Career
Dear Sir/Madam, I am currently a 1st year UG student studying engineering in Sairam Engineering College, But there the lack of exposure and strict academics feels so rigid and I don't like it that. It's like they don't gaf about skills but just wants us to memorize things and score a good CGPA, the only skill they want is you to memorize things and pass, there's even special class for students who don't perform well in academics and it is compulsory for them to attend or else the student and his/her parents needs to face authorities who lashes out. My question is when did engineering became something that requires good academics instead of actual learning and skill set. In sairam they provides us a coding platform in which we need to gain the required points for each semester which is ridiculous cuz most of the students here just look at the solution to code instead of actual debugging. I am passionate about engineering so I want to learn and experiment things instead of just memorizing, so I actually consider dropping out and I want to give jee a try and maybe viteee , srmjeee But i heard some people say SRM may provide exposure but not that good in placements. I may not be excellent at studies but my marks are decent. So gimme some insights about SRM and recommend me other colleges/universities which are good at exposure
Ans: First — your frustration is valid

What you are experiencing at Sairam is not engineering, it is rote-based credential production.

“When did engineering become memorizing instead of learning?”

Sadly, this shift happened decades ago in most Tier-3 private colleges in India.

About “coding platforms & points” – your observation is sharp

You are absolutely right:

Mandatory coding points → students copy solutions

Copying ≠ learning

Debugging & thinking are missing

This is pseudo-skill education — it looks modern but produces shallow engineers.

The fact that you noticed this in 1st year already puts you ahead of 80% students.

Should you DROP OUT and prepare for JEE / VITEEE / SRMJEEE?

Although VIT/SRM is better than Sairam Engineering College, but you may face the same problem. You will not face this type of problem only in some top IITs, but getting seat in those IITs will be difficult.
Instead of dropping immediately, consider:

???? Strategy:

Stay enrolled (degree security)

Reduce emotional investment in college rules

Use:

GitHub

Open-source projects

Hackathons

Internships (remote)

Hardware / software self-projects

This way:

College = formality

Learning = self-driven

Risk = minimal

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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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