TDS ON SALE OF PROPERTY DEDUCTED BY BUYER ON INSTALLMENT

This query is : Resolved

VARSHA GURAV (Querist)
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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

Ganeshbabu K

Ganeshbabu K (Expert)
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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

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