Capital gain income tax

186 views 2 replies

Krishna

Manager - Genesis Tax Consultant

531 Points Posted on 23 July 2018

Dear Sir,

An individual bought a land for Rs 4,00,000 in 2009, govt given a notice to aquired his land in 2013 for Sipcot purpose, and settlement made to him for Rs 8,10,000/- (Actual settlement is Rs 9,00,000/-) on 31st March 2018, he deposited the cheque in bank and the amount cleared during April 2018. With this amount he reinvested in purchasing of house, now he wants to claim the TDS deducted by the government.

He given all his document to government on April 2018. Govt deducted TDS for Rs 90,000/- but this amount is not reflected in 26AS neither in FY 2017 - 2018 nor in FY 2018 - 2019 and govt didn't provide form 16A for the TDS deducted.

Please confirm in which year he has to show the sale of land income, If he show this as income in FY 17 - 18, he will not get refund, because TDS not reflected in 26AS for FY 17 - 18, how he can claim for the refund. Please assist me.

Replies (2)

Bhaskar

Accounts Executive

91 Points Posted on 23 July 2018

Dear Sir,

This amount cleared in april'18 so tds due date for 1st quarter on 31.07.18 only after that amount will reflect in 26AS with FY 2018-19

I think need to show in FY 2018-19.

awaiting for experts replies.

Krishna

Manager - Genesis Tax Consultant

531 Points Posted on 23 July 2018

Dear Sir,

Thank you for the information, my question here is we have received the cheque in 31st March 2018 wont it be falls on FY 2017 - 2018. Cheque cleared to Individul in April 2018, however cheque given by Govt on 31st March 2018.