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Income tax @1% on sale of flat

Dilip Datta Choudhury (Tax Practioner/Consultant) (84 Points)

21 June 2017

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.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193936 Points)
Replied 21 June 2017

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.

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Deepak (Professional) (26 Points)
Replied 12 October 2018

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)?