I have one case in which I need your help.
1 agricultural land( situated in rural area) purchased by 'A' at 1,10,00,000/-.For the payment he cut the TDS 10% by mistake and in month of march end deposit it. Before sale the land, it owned by four person named 'B', 'C', 'D', 'E'.(sold on 16/03/2018)
'B', 'C' & 'D' has no any income and not filled income tax return any time before.but 'E' has doing ' vegetables Trading' and last year filled income tax return as 44AD.(1,67,000).
I have query about can I get return back TDS (B,C,D,E). If possible then which ITR form should be filled (ITR-1,2,4). Now capital gain become applicable due to cut TDS on land sale?
Please give me suggestions sir.
Menu
case study
Replies (1)
A, B & C can file ITR 2; while D can file ITR 4........ Declare the sale under Exempt income......... & Claim refund.........
Query may be raised, but it can be easily solved, as the land sold is Rural Agricultural Land.
By the way [1% or 10%] TDS not deducted over sale transaction of RURAl Agri land.
Recent Topics :
- Register on Income Tax as CA
- Deduction In Employee Provident Fund
- This is a gift for all Chartered Accountants and P
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Wallet query for GST.
- 25-26 exempted sales
- Hotel stay below Rs.1000/- GST applicable or exemp
- NRI, ITR-2 FY 2025-26: AIS Part B2 (SFT) shows hig
- Generate E-Way Bill for 4 Nos. Suppliers Involveme
- Section 54F Exemption
Related Topics :
CAclubindia
