As per Section 194-IA, if someone received an Advance of Rs.5Lcs after 1st June 2013 for a property deal of Rs.70 Lacs. And deducted TDS and also paid to the credit of Central Government.
My Question:-
1.) Is it compulsory to deduct TDS when Advance money is paid as a Token money?
2.) What if the property deal subsequently cancelled?
3.) How to get refund of such TDS paid?
I think the token amount shall be refunded back, and the TDS credit can be claimed in the IT returns.
Wait for more replies.
If Total Consideration for Immovable Property is Rs. 50 Lacs or more, then it is compulsory to deduct TDS @ 1%.
If the deal cancelled subsequently, then the amount can be refunded back and TDS deducted & deposited will be claimed at the time of payment of self assessment tax.
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