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Income tax @1% on sale of flat
My client received an advance of Rs.70,00,000/- against sale of property. Accordingly Income Tax was deducted by buyer @ 1% i.e. Rs.70,000/-. the sale was executed in the next financial year.
Now, while filing Return of Income shall I claim refund of Income Tax of Rs.70,000/-. My asses see only pension & other sources income of Rs.3,50,000/-. Please advise.
Replies (3)
If TDS was deducted in FY 2016-17, You have to declare the transaction in the same year. Calculate capital gains for FY2016-17, even though formalities of registration were completed in next year.
Dear sir, whose primary responsibly is to deduct the 1%TDS and deposit it i.e. seller or buyer? What happens if it isn't done before registration or in given time frame (fails to do this activity on time)?
1. Buyer
2. Regisrar would deny to register the document without TDS challan..
3. For late payment interest is levied.
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