Tds on sale of immovable property
This query is : Resolved
17 March 2012
If tds @ 1% is levied on sale of immovable property above 50 lacs, then will there be a relief from tds if the sale value has been invested as per the sections of 54?
CA PARAS BAFNA
(Expert)
17 March 2012
The clarification has yet to come, however,
in my view, the net consideration receivable after TDS, will if invested, then the assessee will be allowed full exemption U/s 54.
in my view, the net consideration receivable after TDS, will if invested, then the assessee will be allowed full exemption U/s 54.
17 March 2012
1% TDS is mandatory, subject to the assent of the Finance Bill ,2012 by the President of India, for which no exemption is given for those reinvesting as per section 54.
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