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TDS IN LTCG

vijayakumar (proprietor) (172 Points)

16 August 2023

Respected sir,

I am selling a plot & have ~50 lac - LTCG in this. nO THE BUYER ( A TYPICAL BUILDER ) IS TAKING only A power of attorney., - (mentioning HE IS TAKING a general power , ( including the power to sell ) POWER WITH OUT ANY CONSIDERATION. & THE TILTLE IS not changed. He may divide the plot later , get approvals from the authorities, sell later- mostly to people who take bank loans. Now I am given DEMAN D DRAFT. FOR THE AMOUNT. . . cAN i PAY THE tds , fill fom 27q .

Pl guide me sir. & Thank you for your precious time ..

v.kumar

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 16 August 2023

Is power of attorney registered with Sub-registrar?

vijayakumar (proprietor) (172 Points)
Replied 16 August 2023

yes sir. power of attorney is registered in registrar. but written as- with out any value , but given power to sell.the buyer pays DD, gives receipt. BUT IN REGD DOCUMENT THIS AMOUNT IS NOT SHOWN.

THANK U for your time sir

regards

kumar

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160886 Points)
Replied 16 August 2023

There is no registered sell deed made till date, the amount received from individual plot purchasers is/will be collected by your GPA holder on your behalf, so the tax liability will arise over you for the total amount received by builder on your behalf.

Better to consult your auditor/ tax professional to sort out the tax liability part over aggregate earning by builder. You may receive ITD notices herein after.