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Broker has deducted under 194h

Vinay (Tech Lead) (24 Points)

30 July 2014

Hello

I have purchased a flat April 2013, in which broker thas returned me rs 35000/- as discount from his commission and deducted 10% as TDS (tax deducted under section 194-H). Now while filling quick return on income tax website, that TDS is showing up as my income from other sources . Please let me know, the discount I received is taxable or not, and do I need to show that as my income from other sources (in that case I have to pay additional tax, as I am in 20% slab), or I should claim for return of that TDS.

Regards,
Vinay

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3 Replies

Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 30 July 2014

I have gone through your query.

1. I am unable to understand your problem. Kindly Re decribe the case again.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 30 July 2014

the contractor gave you that amt saying it was a discount, but actually in his books he has shown it as comm. paid and so tds inder 194h has been deducted.... though you were not reqd to pay tax on this, but situation has turned opposite and you can claim tds only after showing this in your itr and pay additional tax since you are in 20% slab.