Dear Sir/ Ma'am,
At the time of purchase of house property Rs. 50,000/- discount has been given by the third party.
In detail, Rs.50,000/- after deduction of TDS @ 5 % (as commission) cheque is given to me.
Whether I have to show this as my income as TDS amount is reflecting in my 26AS.
Can i know the basis. In fact it is reduction in my cost right.
it is simple if you dont show the amount of rs 50000 in your income then you wont be able to claim the same from the gross tax payable as the net tax payable is arrived after reducing tds and advanced tax. better you show it or you wont be able to reduce the same from your tax liability
Bharat Shah & Associates
Mumbai
CA Inter
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CCI
Pro
CAclubindia
