Capital gain exemption claim

272 views 3 replies

Naveen V

19 Points Joined October 2018

If a assessee sold land and building and invested the sale proceeds in new residential property.

However, in 26AS TDS related to sale is appearing but TDS which assessee has deducted and paid, also filed 26qb. While filing 26qb assessee has entered wrong TDS. Can we rectify TDS return, or can we claim Capital gain exemption without rectifying TDS returns.

2) is it mandatory that TDS deducted on purchase of property must appear in 26AS (as tax payer section).

Replies (3)

bhupendra kurmi

111 Points Joined October 2018

you can rectify TDS return any time. yes it is mandatory that TDS should be reflected in 26AS because it's only the proof that you have paid the TDS on behalf of assessee.

sudipto Das

4 Points Joined July 2019

Dear Sir

This year while filling income tax for assessment year 2019-20, i have capital gain in excess of 1 lac and i am paying LTCG tax for the excess amount above 1 lac. Now there is no error while generating XML file. But when i am trying to upload this XML file its saying

The XML Schema is invalid. Please upload the XML is correct schema

At line no 252: invalid content is found starting with element ITRFormDeductionUd54F. One of'{https://incometaxindiaefiling.gov.in/master".ExemptionOrDednUs54}' is expected.

But Sir i have not claimed any exemption under 54 or 54F. Even Column 4e in CG section i have specified 0. Still the error

Sir Please help me. Thanks a lot in advance

sudipto

Suresh Thiyagarajan

Student

3986 Points Joined July 2018

1. Yes, it is mandatory to have TDS deducted at 26AS as the department will try to match the amount of TDS as per 26AS and TDS claimed in IT return. Mismatch in this could raise a question.