Who Will Cliam T D S

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This query is : Resolved

POKHARNA S P (Querist)

08 July 2009 Suppose X is Having Site, and X has given Site to Y for Lease for Longterm and Mr Y
has constructed Factory Shed on the Site lateron the land is Acquired by the Govt
Authorty and Govt Has Given Compensation
for Factory Shed to Mr X (as site is in the name of Mr X) Lateron Mr X has Refunded the Compensation Amount to Mr Y (As factory Shed is Constructed by him)Now
Solve the Following Query.
1. What will be Capital Gain For Mr X

2. Wether Mr X can Claim TDS although he
has refunded the compensation Amount to Mr Y.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)

08 July 2009 Capital Gain - Compensation received less cost of land and payment to Mr. Y.

TDS - TDS can be claimed by only that person on whose name it is deducted.

Ratan Sharma

Ratan Sharma (Expert)

08 July 2009 Hi,
1.
The compensation received from Gov. XXX
Less: The amount paid to Mr. Y XXX
---
Net consideration XXX
Less: Indexed cost of land only XXX
( If long term ) ---
CAPITAL GAIN xxx
===
2. Yes Mr. X can claim the TDS.

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