When a sale of property is cancelled for which an advance amount was already given and the TDS corresponding to that amount also paid, should the 26QB be corrected first before applying for the TDS refund?

Dear Sir,
In June 2021 (F.Y. 2021-22) the assesse purchased a property under section 54 of the Income Tax Act, 1961 so as to avail the exemption from long term capital gain tax on transfer of long term capital asset. However the property was purchased in the name of the grandson and not in the name of assesse. Grandson showed it as land received as gift from grandmother (assesse) in his books of account in the F.Y. 2021-22 however no gift deed was executed. In Jan 2023 (Previous F.Y. 2022-23) the assesse died and the grandson on whose name the property is purchased by the assesse in June 2021(F.Y. 2021-22) wants to sell this property in July 2023 (i.e. after 2 years of purchase in current F.Y. 2023-24).

Question 1 – Kindly suggest the correct accounting treatment:-
Option A - Whether the above accounting treatment done by the grandson in his books of account in the F.Y. 2021-22 was correct?
OR
Option B - Whether the land purchased even in the name of grandson should have been shown in the books of assesse only in the F.Y. 2021-22 and the same should have been shown as inherited property in the books of grandson in the previous F.Y. 2022-23 on the demise of the assesse?

Question 2 – The gain arising on the sale of property by grandson in future month July 2023 (i.e. after 2 years of purchase of property) will be termed as short term capital gain or long term capital gain?

Question 3 – If the answer to question no. 2 is long term capital gain than whether the grandson is eligible to claim exemption u/s 54 if he further purchases a new land from the proceeds of capital gain arising from the sale of property(shown as received land as gift from grandmother in F.Y. 2021-22) as the property which he selling though was purchased in his name however not even a single penny was spent by him for its purchase whole of the amount was spent by the deceased assesse only i.e. if the gain is long term capital gain arising from the sale of property not purchased from own money than whether this gain is eligible for claiming exemption u/s 54.

Question 4 – The sale of property by the grandson (which was purchased under section 54 by the assesse in the name of grandson) within 3 years of purchase whether will be termed as contravention of section 54 i.e. transfer of land purchased under section 54 within 3 years of its purchase. So in this case whether the grandson will be liable to pay short term capital gain tax as the assesse who had spent the amount for purchase of this land under section 54 has been died or whether there will be no tax implications in the hands of the grandson. The computation of short term capital gain u/s 54 will be done by deducting the capital gain claimed as exempt under section 54 from the cost of acquisition of the land purchased under section 54.
If possible, I humbly request to please provide the relevant provision or case law used as a basis to provide the answers for my query.

Regards,
Shruti Agarwal

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Hi, which rate is to be applied for deducting tds on interest on ncd paid to non residents.
Also can we collect form 15G/H from non residents.

I have two queries:
1. Can a HUF be formed even if a Husband or Wife are not having any child?
2. Can A HUF be created even if there is no gift?

1. First Case:
Expense booked by recipient in FY 2021-22 and booked TDS , while the service provider issued the Invoice and offering income in FY 2022-23. The service provider has not claimed the TDS in FY 21-22 and filed his return of income. Now is there any possibility for the Service Provider how can he claim the TDS in FY 2022-23.
2. Second Case:
Service Provider provided service in FY 2021-22 and service recipient also booked the expense in their books. In this case the recipient defaulted in making the TDS payment. The service provider has not claimed the TDS as the deductor failed to deposit the TDS and made the Tax payment in cash out of their own pockets for the FY 2021-22. Now the Recipient of service made the TDS payment along with interest in January 2023. Now how can the service provider can claim the refund of this TDS. Is there any procedure other than From 26A procedure.

A property is jointly owned by a resident brother and a NRI sister. NRI has executed a power of attorney in favour of the resident brother to carry out the sale transaction. No amount from the sale is to be repatriated to the nri. Is it enough if the buyer deducts tax u/s 194IA @ 1% of the sale amount to be paid to the resident brother? Will withholding tax be applicable for nri? If yes, should NRI submit form 13 for nil deduction of tds even though no money is going to be transferred to her?

Dear all,
I had one query:
An assessee had himself filed his income tax return for the F.Y. 2014-15 and inadvertently shown Income of F.Y. 2015-16 in F.Y. 2014-15. There was no income in F.Y. 2014-15 as the assessee was unemployed. Later on Return of FY 2015-16 was filed with the actual income of FY 2015-16.
Can the return of income filed for F.Y. 2014-15 be deemed invalid by the Department and vacate the demand?
The return of income filed for F.Y. 2014-15 was filed erroneously and there was no income during the relevant financial year and thereby NO TDS, thus demand was raised.

SIR
MR. A FILED IT RETURN FOR THE ASST -YEAR 2002-23 WITHIN DUE DARTE WITH IN REFUND CLAIM. BUT THE REUND NOT RECEIVED THILL DATE . THE REASON OF BANK ACCOUNT VALIDATED BUT REMARK FOR RESTRICITED FOR REFUND. MR A HAVE ALL READY FILED KYC TO BANK. HOW SOLVE THE PROPRELAM.
THANK