I know that gifts from specified relatives is tax free. But, I want to know whether gifts having value more than Rs 50k per FY from brother's son are taxable.
I have purchased an apartment and submitted form 26QB for a joint seller property. The seller took payment in one person and buyer deducted the tds on that payment to that one person on the request of seller. Now, after 1.5 years seller wish to correct TDS 1/2 & 1/2 of both holder of property. Due to credit of entire TDS on one seller, income tax department is wrongly calculating previous year tax. Is there any solution possible?
CAclubindia
