Dear Members
As per Intimation u/s 143(1) deduction claimed u/s 54 for LTCG for Residential house property is disallowed by CPC.
New Residential property is purchased within 12 month then on what ground CPC denied the deduction?
assessee have not deducted tds u/s 194ia for new property yet. Is it valid reason or else? I request you all Please put light on the circumstances
Thanks & Regards
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Ltcg sec 54 deduction disallowed by cpc
Replies (6)
Individual asesee there is no liablity for deducting Tds. If you are Tax audit then you can liable to deduct tds...
No in this case department cannot do like this.. It's not a valid reason...
Dear Jaya,
Thanks for clarification regard Tds issue. Can u please help me in finding the reasons CPC disallowed the deduction
@ Shilpa Baid:
Firstly intimation u/s 143(1) is just an intimation and not an assessment.
Secondly if the intimation failed to claim deduction then you can file rectification request u/s 154. However the TDS not deducted on property purchased could not be the reason for disallowance of exemption u/s 54 as u/s 54 or u/s 194IA, nothing has been mentioned about disallowance. However penalty and interest would be levied for non deduction of tds.
@ Jaya krishna:
As per Sec 194IA, it is any person. It need not be such person has to be under tax audit provisions.
You can purchase the house property before filling of return of Income. You are unable to purchase the house property before the filling you can invest that amount into capital gain deposit scheme 1988. On which date you are purchasing house property.... You can file rectification return.
Rinkal thanks for clarification..... Tan is not required for deducting Tds under section 194 ia
@ Jaya Krishna:
Its not rectification return. It is rectification of mistake u/s 154.
Kk.. I wrongly typed. It's a rectification request
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