Tds
This query is : Resolved
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??
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??
24 August 2018
Amount deducted on sale of property Rs.12000000/- TDS Rs 120000/- can be adjusted against Tax Payable
25 August 2018
can exemption alos be claimed from Capital Gains with regards to the same matter??
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 .
26 August 2018
There is a second property which was purchased 15 years before.
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