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 Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
