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Mihir

Mihir Tanna  |964 Answers  |Ask -

Tax Expert - Answered on Feb 04, 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
C Question by C on Feb 02, 2023Hindi
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My wife got an amount of 12 lacs as a land in her name is recently sold (purchased in 1993 and sold in 2022) by his father. How to save the tax on this?

Ans: Tax payer transferring land after holding for more than 24 months will be chargeable to tax as Income from Long Term Capital Gain. To save the tax, tax payer option to invest sale consideration in new house property (if tax payer don't have more than one house property). Tax payer also have option to invest in specified bonds.
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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