Tds on sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2013
Is tds applicable on advance paid for purchase of a property whose value is Rs. 2 Crores. Suppose Mr. A gives an advance of Rs.20,00,000 to Mr. B after deducting tds % 1%. Because of some reasons, Mr. A switches to Mr. C for a better property. Now, how will Mr. B refund the advance so received from Mr. A.Also, since the tds amount will be reflected in Mr. B's PAN, how will the same be reverted ???
12 December 2013
thre is no restriction in refunding the amount. Mr B can refund the full amount including TDS amount ie to say 100% instead of 99% and thereafter claim credit of the TDS credit against his PAN. If the question is asked during scrutiny, Mr B can explain the cancellation of the deal.
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