Late ITR penalty for senior citizen.

Transaction date means the date of credit or payment of income, whichever is earlier. Date of booking means the date on which TDS return is processed and the amount booked in Form 26AS. This date will be the date after the TDS return is filed.
TDS will be applicable in AY 22-23
Yes TDS refunded in AY 22-23

My wife is  a senior citizen. She bought a flat in 1999 and the cost at that time was 3.25 lakhs. After 22 years she sold the flat in Aug 2021 for 70 lakhs,  During these 22 years we spent a lot a renovation and maintain every years. Annual maintenance is about 40,000 every year.  Besides this we renovated the flat approximately coming to ten lacs.  This is in Rohini Dehi.  We have already paid 70,000 as tax.  Now how much we have to pay?  Could you please let me know.  Thanks

k.palaniappan

Pls approach bank get hold of the tds certificate . details will be provided.

Can you please let me know on the below regarding original post:

Q1. Can he claim TDS refund in AY 2022-23?

Q2. Will any late ITR filing penalty be applicable to him?

Q3. What is the last date to file ITR for FY 2021-22 in his case?

Rahul first ensure whether he has the tds certificate .
Ensure figures are correctly reflected.
2. late itr filing is acceptable to everyone barring exceptions.
3. Upto the end of relevant assesment year.

Q1. He's a bit confused about Transaction Date vs Date of booking. In which year will the TDS be applicable for ITR? AY 2022-23 or 2023-24? Can he get the TDS refunded to him in AY 2022-23?

Transaction date is relevant. Whatever AY you choose to open 26AS, relevant TDS entries for that AY will appear. Yes, he can claim these TDS in AY 22-23, as all entries are of FY 21-22.

Q2. Will any late ITR filing penalty be applicable to him?

Yes, 5,000. And if total income is up to 5 lac, then penalty is 1,000.

Q3. What is the last date to file ITR for FY 2021-22 in his case?
The last date was 31st July. You can now file this belated return up to March '23.