Tds taken by builder

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 Dear Sir,

Please advice on following:

I received my brokerage commission for a new residential deal from a reputed builder. The amount of brokerage was calculated at Rs 5.9 Lacs in January 2012 while I received 10% less amount i.e Rs 5.31 Lacs deducted as TDS on 2 April 2012. This is my only income for the year.

I'm 33 years old, have a pan card but was never on job or business so never filed returns. Now, is there anyway I can claim my remaining balance back ? If so, then how and what do I need from builder and how long will it take to get it back?

Thanks.

Guest

Guest (Expert)

08 April 2012 You have to file your income tax return, after claiming the business expenses incurred for earning the commission. If you are not in the tax bracket, then you will get the refund.

The builder has to provide you the TDS certificate or you can view it online by registering your PAN on income tax site.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 On what date do I claim it?

In what case can I be not in tax bracket? I live overseas most of time and hold residency visa.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 April 2012 Get the TDS certificate from Builder first. in case he books the receipt in FY 2012-13 then he can give it to you in july 2012.

If your income in more than 2 lacs in FY 2012-13 after deducting expenses to get that commision, you are in tax bracket. You can claim it only after the march 2013.

In case commision is booked by builder in FY 2011-12 & give the TDS certificate of same year you can claim it till March 2013.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 I had invoiced him in 1st week march so hopefully he will receipt in same month.

1) After getting Tds what is step by step procedure to claim back?

2) Timeline of refund, approximate

3) what if builder is delaying in giving tds, any other way to procure it?

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 April 2012 If he books in FY 2011-12, then you should file return before 31st July. You can file belated return upto 31st march 2013.

You should file a IT return to get it back.

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2012 Can you help in this? I'd be happy to offer your consulting fees.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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08 April 2012 Ya sure..
Contract at my mail id, prgupta.ca@gmail.com

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