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Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Apr 10, 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

Asked by Anonymous - Apr 03, 2023Hindi

Money

I and my wife co own a flat from 1994 in Mumbai. Now we want to sell it and reinvest in a residential house . Do we have to pay income tax on the amount we receive and how much will it be

Ans: Section 54 provides that in case person transfer house property and invest gain amount in acquiring new property, capital gain will be exempt.

Person must buy the residential house property 1 year before or 2 years from date of such transfer of property or construct the house property within 3 years from date of transfer of property.

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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Mahesh Padmanabhan | Answer |Ask -Follow

Tax Expert - Answered on May 03, 2023

Question by Alok - May 01, 2023Hindi

Money

I had sold 3 BHK flat in Sept,2015 and invested the sale proceeds in purchasing a flat in March,2016. this year in March,2023 I sold an ancestral flat purchased by my father in August,2007 and acquired by me through family arrangement and purchased a plot out of entire sale proceeds with intention to construct a house thereon. Pl let me know " will I have to pay tax on capital gain amount".

Ans: Hi Alok
Buying a plot is not considered as reinvestment and eligibility is on buying or constructing a residential house.

In this case if you construct a house on the plot then you could map the capital gains from the sale of the ancestral house against the cost of construction of the house on the plot.

Also, as you have sold the house in March 2023, you would need to open a Capital Gain Accounts Scheme (CGAS) account with any nationalized bank on or before the due date for filing your tax return. The deposit of the capital gain amount in the CGAS account would be treated as reinvestment for the moment.

You need to note that this CGAS account amount has to be utilized for construction within 3 years from the date of sale of the ancestral house.

In case you are not depositing the amount in CGAS account or reinvesting in any eligible assets before filing tax return (of course before due date) then you would need to pay tax on the capital gain portion

Mihir Tanna |963 Answers |Ask -Follow

Tax Expert - Answered on Jun 01, 2023

Question by Sampath - May 30, 2023Hindi

Money

I have purchased a flat in 2014 at Rs.32,50,000/- market rate for 1300 sq feet, I'm planning to sell the flat for approximately 65,00,000/- Do I need to be paying any income tax and I still have a home loan of 33Lacs of Home loan on this flat and will need to repay the same. Thank you,

Ans: If person acquire house property in FY 2014-15 in Rs.32,50,000 and transfer it in FY 2023-24, indexed cost is likely to be Rs.47,12,500. Thus, on difference amount (65 lacs and 47.13 lacs), long term capital tax @20% will be charged. You can calculate exact tax amount through income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx

Ramalingam Kalirajan |7028 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Aug 28, 2024

Question by KP - Aug 28, 2024Hindi

Money

I purchased a flat for 43 lakhs in 2011. I obtained a loan of 26 lakhs for the same. If I sell the flat now, I would likely receive around 1.2 crores. The flat is jointly owned by my wife and me (I fall above the 30% tax bracket, and my wife is not employed). I plan to invest the entire proceeds in constructing a new house on a residential plot that is in my wife's name. Will I still need to pay taxes, and if so, how would the calculation be?

Ans: You plan to invest the entire sale proceeds in constructing a new house on your wife’s plot. Under Section 54 of the Income Tax Act, you can claim an exemption on the capital gains if you reinvest the amount in a new residential property within a specified period. Since the new house is in your wife’s name, ensure that the reinvestment meets the criteria of Section 54 to claim the exemption.
If the full capital gain is reinvested, you can claim exemption and avoid paying tax on the LTCG. However, any unutilized portion of the gain will be taxed.

Important Points to Consider
Joint Ownership and Tax Exemption:
Since the flat is jointly owned, each of you must reinvest your respective share of the capital gain to claim the exemption. As the new property is in your wife's name, you might still be eligible for the exemption if the entire capital gain amount is utilized.

Consult a Certified Financial Planner:
Given the complexities and the involvement of joint ownership and different tax brackets, it's advisable to consult a Certified Financial Planner (CFP) to ensure that the transaction is structured correctly to minimize or eliminate tax liability.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Prof Suvasish Mukhopadhyay |115 Answers |Ask -Follow

Career Counsellor - Answered on Nov 15, 2024

Asked by Anonymous - Nov 14, 2024Hindi

Career

Dear sir, I have been working in pharma segment n I have a terrible experience to share almost 5–6 companies have not settle my genuine dues of salaries and expenses. Some are almost 5–8 yrs old n the latest one is almost 75 days old. Some have some special statements written on there appointment letters, which gives them freedom , and others seem to have no concerns at all. I cannot take legal action against them as a don't have so much money. In the latest episode, my company says that they cannot give me my full n final till the time stockist does not pays his dues to the company. In this regards, I want to inform you that 1 I have no dues on the stockist 2 I have returned all my property 3 companies settlement time is of 45 days 4 after fighting so long I have received one part as salary but expenses are still held they say that they will only settle my dues when the stockist pays his pending payments. 1 I have no dues certificate from all stockists 2 And my views on this is 1 I'm not in organization now, how am I responsibile for the old payments of my time, because it's responsibility of the current staff to follow up for his secondary n payments 2 party's due on company is around rs 46000 but stockist already has non sellable goods of rs 70000 in his shelf . 3 the current staff do not meet the stockist, help in liquidation of stocks or clearing payments. Kindly help me with your detailed view in how to get my ffs from this organization as I have 1 written several times on main with no proper response. 2 I have called many times to hr n concerned managers but they repeat same thing, ie payments of one stockist Kindly help me with solution to get my ffs from this n old pharma companies. Thanks Jasvinder singh

Ans: You need legal support. Please contact senior advocate Mr. Tanoj Joshi with my reference. Search about him in LINKEDIN.
He is a very good person and he won't charge you much if you give my reference. Please give me the update. Best of luck. MAY GOD BLESS YOU. Professor...........................:)

Prof Suvasish Mukhopadhyay |115 Answers |Ask -Follow

Career Counsellor - Answered on Nov 15, 2024

Question by Manvir - Nov 15, 2024Hindi

Career

Hi Prof. My son is doing B.tech +M.tech In feed & Agreeculture engg. Can you guide whether This is the right decision or not to pursue this stream. Pls. guide me the future of this subject , where is the scope of this subject.Pls. advise

Ans: He can't leave the M.Tech programme suddenly. If he is interested in teaching he can pursue Ph.D after this. If he is interested in admin type jobs he can prepare for state PSC exam. I am ruling out UPSC. UPSC is a trap. Many good students lost their future for trying for UPSC continuously for 4-6 years and their complete youth is lost. If he wants to be in the field of agriculture then he can opt for teaching or research. If he wants admin job then he can try for state PSCs, Banking jobs and private sectors. All the best to your son. MAY GOD BLESS HIM. Professor..........:)

Dr Dipankar Dutta |685 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 14, 2024Hindi

Career

Hello Sir My son is in second year of Electronics and Instrumentation control in Thapar. Kindly suggest some courses so that he may be able to get good placement

Ans: PLC & SCADA Programming, Python Programming, IoT (Internet of Things) etc

Dr Dipankar Dutta |685 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 15, 2024Hindi

Career

Hello Sir/Mam , I m currently studying at MSRIT(Ramaiah) , Bangalore, I m in Cse last year I was in Bit Mesra but due to some circumstances I dropout at last , now jee advanced a week back announced to give 3 attempts including 12th , so should I try to give jee again or continue , I m in a dilemma ... plz elaborate

Ans: If you are content with MSRIT’s program, progressing well academically, and preparing for placements, I suggest continuing at MSRIT and focusing on excelling in your current opportunities.
If you are deeply passionate about studying at an IIT or want to switch to a more specialized field, and you are confident about significantly improving your JEE rank, you could consider retaking the exam.

Dr Dipankar Dutta |685 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 15, 2024

Question by Manvir - Nov 15, 2024Hindi

Career

Hi Prof. My son is doing B.tech +M.tech In feed & Agreeculture engg from IIT Kharagpur . Can you guide whether This is the right decision or not to pursue this stream. Pls. guide me the future of this subject , where is the scope of this subject.Pls. advise

Ans: This field plays a critical role in addressing global challenges related to food security, sustainable agriculture, and technological advancements in farming but from career perspective the scope in very limited in India. If he can do PhD from foreign universities then he can compete globally.

Dr Dipankar Dutta |685 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 15, 2024

Question by Mukund - Nov 15, 2024Hindi

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I have 12th in cbse with physics chemistry maths. Can I add biology to my 12 th using nios??

Ans: Yes, you can add Biology to your 12th-grade qualifications through the National Institute of Open Schooling (NIOS)

Dr Dipankar Dutta |685 Answers |Ask -Follow

Tech Careers and Skill Development Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 15, 2024Hindi

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Hello Sir My child would like to take PCMB in 10+1 and want to pursue his career from IISER after 12th. Kindly suggest a good institute from where he can take regular physical coaching for the preparation of IAT exams.

Ans: Impossible to sagest physical coaching institute without knowing location

Radheshyam Zanwar |1042 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 15, 2024Hindi

Career

Please share a list of engineering colleges having the following criteria 1.good placement in BTech CSE, ECE etc, having median salary package more than 10 LPA. 2. Taking consideration of 12th marks with JEE Rank/percentile. for admissionlm

Ans: Hello.
Sorry to say, it is impossible to list the names of engineering colleges spread across the country as per your demand. There are hundreds of colleges in India, where students are getting placements more than 10 LPA. It would be better to ask your ward to score more in the JEE (Main) examination and get admission to the top engineering college. The total game is dependent on the score in the JEE examination. Today's 10 LPA will have less value after 4-5 years. Along with JEE, ask your ward to appear for the respective state engineering test also. If he/she scores less in JEE, then the other option will remain open. Many students make the mistake of focusing only on JEE and ignoring the state-level engineering examination. At a later stage, they get disappointed when they score less in JEE. Best of luck to your ward for the upcoming JEE examination.

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

Radheshyam

Ramalingam Kalirajan |7028 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Nov 15, 2024

Asked by Anonymous - Nov 15, 2024Hindi

Money

Sir, Im 54 yrs, present monthly take home pay in hand of Rs.2.5Lacs after all I.Tax etc. deductions. Car EMI till Dec 2026 to be paid will be Rs.5000 per month. Have Health Insurance cover for 25 lacs, Term Insurance for Rs.2Crores but no Life Insurance cover. Monthly SIP is Rs.1Lac. Had made a lump-sum investment of Rs.55Lacs in Mutual Fund which is now valued around Rs.75Lacs. I'm not able to save anything beyond this due to family responsibilities and have to start repaying my son's education loan of Rs.20Lacs which would commence after 2.5 years (as he is studying now). Can you please let me know how much of corpus I might have at the time of my retirement if I continue to work till the age of 58years? Regards

Ans: Based on the information you’ve shared, let us assess your situation and provide insights into your potential retirement corpus.

Current Financial Position
Take-home salary: Rs. 2.5 Lacs per month
Car EMI: Rs. 5,000 per month (ending Dec 2026)
Health insurance: Rs. 25 Lacs
Term insurance: Rs. 2 Crores
Monthly SIP: Rs. 1 Lac
Lump-sum investment in mutual funds: Rs. 75 Lacs (current value)
Education loan repayment: Rs. 20 Lacs starting after 2.5 years
Retirement age: 58 years (4 years from now)
Assumptions for Projection
Your SIP of Rs. 1 Lac per month continues until retirement.
Your lump-sum mutual fund investment grows at an assumed annual rate of 10%.
Monthly SIP investments grow at an assumed annual rate of 10%.
Education loan repayment starts in 2.5 years. Let’s consider this doesn’t disrupt your SIPs.
Estimated Retirement Corpus
1. Growth of Existing Lump-Sum Investment
Current value: Rs. 75 Lacs
Growth for 4 years at 10%: Approximately Rs. 1.1 Crores
2. Future Value of Monthly SIPs
SIP: Rs. 1 Lac per month
Duration: 48 months (4 years)
Growth at 10%: Approximately Rs. 63 Lacs
Total Corpus at Retirement
Lump-sum mutual fund value: Rs. 1.1 Crores
SIP investments: Rs. 63 Lacs
Total corpus: Rs. 1.73 Crores
Recommendations
Education Loan Repayment: The repayment may require adjustments in your budget. Consider partial withdrawals or rebalancing investments if necessary to avoid disrupting your SIPs.
Increasing Savings: Once your car loan ends in 2026, channel the Rs. 5,000 EMI into SIPs to further enhance your corpus.
Financial Review: Regularly review your investments and retirement goals with a Certified Financial Planner to ensure alignment with market conditions.
Final Insights
If your investments grow at an average rate of 10%, you may have a retirement corpus of approximately Rs. 1.73 Crores by age 58. Focus on maintaining your SIP contributions and ensuring liquidity to manage upcoming education loan repayments effectively.

Best Regards,
K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Nayagam P P |3908 Answers |Ask -Follow

Career Counsellor - Answered on Nov 15, 2024

Question by MEHARBAN - Oct 17, 2024Hindi

Career

Sir, I am a 42 years old financial professional and having 18 years experience. Now I am well settled in India but having some liabilities such as housing loan etc and responsibility of my two kids. I always wanted to move abroad (Europe) for a better life. Now if I leave for abroad, I have not idea whether can I get settled over there ? it can also disturb my present financial position. Kindly guide what should I do?

Ans: Meharban Sir, Thank you for your question. I have responded to a similar question recently. You may check my answer here
If you are looking for more details, I would be happy to assist/guide you. All the BEST for Your Prosperous Future.

To know more on ‘ Careers | Education | Jobs’, ask / follow Us here in RediffGURUS.

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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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