TDS
This query is : Resolved
Charanjit Singh
(Querist)
10 December 2009
Whether TDS is to be deducted if a person is selling a capital asset say a house property. Not in the nature of business but he is being selling such assets in the past 2 to 3 years but not as a business asset (say 1 property every year).
The query is if he is paying commission to an agent to sell the property whether he is liable to deduct TDS on such commission paid?
According to me it should not be.
Please give me a reference to case law if possible.
The query is if he is paying commission to an agent to sell the property whether he is liable to deduct TDS on such commission paid?
According to me it should not be.
Please give me a reference to case law if possible.
12 December 2009
NO TDS on sale of capital asset.
If the asset is sold using the services of an agent, then the agent would issue a bill for professional services. This is commonly understood as commission. Depending on the nature of the entity raising the invoice and the value of the fees, TDS has to be deducted.
If the asset is sold using the services of an agent, then the agent would issue a bill for professional services. This is commonly understood as commission. Depending on the nature of the entity raising the invoice and the value of the fees, TDS has to be deducted.
Charanjit Singh
(Querist)
14 December 2009
Thank you.
But would the activity of selling such capital assets amount to business activity, as the said assessee is selling such capital assets on a regular basis in the previous few years, though it is not his business. Such capital assets are inherited by him & he is being selling them every year?
But would the activity of selling such capital assets amount to business activity, as the said assessee is selling such capital assets on a regular basis in the previous few years, though it is not his business. Such capital assets are inherited by him & he is being selling them every year?
16 December 2009
If a concerned person is trading regularly i.e purchasing and selling, it can be termed as business but he is just selling the properties what he has inherited it can not be termed as business.
Charanjit Singh
(Querist)
17 December 2009
Thanks for replying.
Could you please give me a reference to a case law if possible.
Could you please give me a reference to a case law if possible.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
