Tax on sale of property
09 July 2020
sir ..last time one of the experts from this portal has calculated tax as follows:-
Cost updation. 3400000/167*289=5883832
. Capital gain. 14200000-5883832=8316168.
Capital gains tax 20,80%= 1729763.
Now my question is, as this property belongs to US citizen , he is giving GPA to a non relative , so in this case the buyer will deduct TDS of 20% ( on sale value Rs.142.00,000 ) i.e TDS 28,40,000..is this correct. ?and also please let know, what will be the refund of tax. out of this Rs. 28,40,000
Thank you very much.