Who Will Cliam T D S

This query is : Resolved

POKHARNA S P (Querist)
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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)
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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)
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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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