Tds

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pinley rods (Querist)

24 August 2018 In case of Sale & purchase of Resedentail house is TDS adjustable with Tax to be be paid.
for example A person purchased a new house for Rs 2,11,00,000/- on which he ducted TDS 2,11,000/- & he sell his old resedetial house for 1,20,00,000/- for which TDS was deducted by the purchaser 1,20,000/- so my question is while paying Tax (tax audit case - Sole Proprietor) will the TDS portion be adjusted in the Self Assesment Tax to be paid??

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

24 August 2018 Amount deducted on sale of property Rs.12000000/- TDS Rs 120000/- can be adjusted against Tax Payable

pinley rods

pinley rods (Querist)

25 August 2018 can exemption alos be claimed from Capital Gains with regards to the same matter??

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

26 August 2018 You can claim exemption of LTCG subject to that you should not own second property at the time of sale. It should be Long term Capital Gain Should be invested on property .

pinley rods

pinley rods (Querist)

26 August 2018 There is a second property which was purchased 15 years before.

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