Tds on sale of property.
This query is : Resolved
13 February 2016
Agriculture Land sold by my assessee in A.Y. 2015-16. Purchaser had deducted the TDS at 1% on the payment made. but the TDS credit shown for A.Y. 2016-17 which is incorrect. so my questions are as under.
1. Is TDS return filed for property Tax can be revised?
2. Can i filed return of the assessee claiming TDS credit in A.Y. 2015-16?
1. Is TDS return filed for property Tax can be revised?
2. Can i filed return of the assessee claiming TDS credit in A.Y. 2015-16?
Ganeshbabu K
(Expert)
13 February 2016
As per Section 194IA TDS not applicable on purchase of agricultural land,,As per explanation to 194IA ..
"agricultural land" means agricultural land in India, not being a land situate in any area referred to in items (a) and (b) of sub-clause (iii) of clause (14) of section 2
However you have already paid TDS in your case,..so now,
1)TDS Return Form 26QB cannot be revised,
2)Not possible as credit is available in A.Y.2016-17
"agricultural land" means agricultural land in India, not being a land situate in any area referred to in items (a) and (b) of sub-clause (iii) of clause (14) of section 2
However you have already paid TDS in your case,..so now,
1)TDS Return Form 26QB cannot be revised,
2)Not possible as credit is available in A.Y.2016-17
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