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Broker has deducted under 194h

Tax queries 518 views 3 replies

Hello

I have purchased a flat April 2013, in which broker thas returned me rs 35000/- as discount from his commission and deducted 10% as TDS (tax deducted under section 194-H). Now while filling quick return on income tax website, that TDS is showing up as my income from other sources . Please let me know, the discount I received is taxable or not, and do I need to show that as my income from other sources (in that case I have to pay additional tax, as  I am in 20% slab), or I should claim for return of that TDS.

 

Regards,
Vinay

Replies (3)

I have gone through your query.

1. I am unable to understand your problem. Kindly Re decribe the case again.

the contractor gave you that amt saying it was a discount, but actually in his books he has shown it as comm. paid and so tds inder 194h has been deducted.... though you were not reqd to pay tax on this, but situation has turned opposite and you can claim tds only after showing this in your itr and pay additional tax since you are in 20% slab.

Hi Vinay,

The broker has now transferred back his income, in tax language this will be now your income taxable under the head "Other Sources".

You need to file ITR regarding this income for claiming the credit of TDs already deposited. 

AJH &CO.

9868729930


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