TDS ON SALE OF PROPERTY DEDUCTED BY BUYER ON INSTALLMENT
This query is : Resolved
VARSHA GURAV
(Querist)
30 March 2021
Hello,
Buyer of Property has the option to pay TDS on Installment paid basis. Since the agreement of Sale was made in AY 2019-20 Capital Gains are declared in AY 2019-20. But the Buyer has not deducted 100% TDS in AY 2019-20, since balance payment was done in AY 2020-21 so part of TDS is shown in AY 2020-21. How to claim this in Current year return as corresponding Income of Capital Gains is shown in AY 2019-20.
Pls Help on Issue if any one has idea of this.
Regards,
Varsha
Buyer of Property has the option to pay TDS on Installment paid basis. Since the agreement of Sale was made in AY 2019-20 Capital Gains are declared in AY 2019-20. But the Buyer has not deducted 100% TDS in AY 2019-20, since balance payment was done in AY 2020-21 so part of TDS is shown in AY 2020-21. How to claim this in Current year return as corresponding Income of Capital Gains is shown in AY 2019-20.
Pls Help on Issue if any one has idea of this.
Regards,
Varsha
Ganeshbabu K
(Expert)
30 March 2021
if your property sale taxable in AY 2019-20 offer to tax in that year and claim tds available for that year.
claim tds credit for AY 2020-21 in that year, no need to offer capital gain again as you might have done already in ay 2019-20
claim tds credit for AY 2020-21 in that year, no need to offer capital gain again as you might have done already in ay 2019-20
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