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Income Tax and TDS on Sale of Property

Tax queries 388 views 1 replies

Hi All, 

 

I bought a flat in Mumbai at 56 L in June 2017, now in April 2025 , I m selling flat at 63.5L, broker said buyer will pay 1% as TDS and later it will be refunded to me when I file ITR ,Can someone please help me to understand at the time filing my  ITR how much tax I should pay(definitely for me it is long term capital loss)and how tds will be adjusted/refunded?

thanks in advance 

Regards,

Santhosh.

Replies (1)

Your tax liability over sell of the flat will be nil. Your other income would be taxed as per regular assessment and the TDS would be adjusted against the tax liability, if any. Excess would be refunded back.


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