Tds sec 194ia & 194ib

This query is : Resolved

Abhishek Shukla (Querist)
Follow

02 April 2015 Property in name of my grand father and he let out to bank. then bank deduct the tds under 194IA & IB as shown in 26AS AY 2014-15. i thought it was an wrong sec submitted by bank in TDS return.

Kindly suggest me if i file ITR for asking refund of TDS then department will issue a refund in such case ?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

02 April 2015 U/s 194I(a) Rent of Plant & Machinery if Exceed Rs.180000/-P.A Tds is @2%

U/s 194I(b) Rent of Land Building & Furniture if Exceed Rs.180000/-P.A Tds is @10%

If Bank Deducted Tds & Issued to Your Grand Father & If your Grand father File Income tax Declaring all Income , If TDS deducted is More than the Actual Payable , Same can be adjusted against tax payable , Excess TDS can be Claimed as Refund

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok