My uncle is has entered into a joint development agreement with a builder where in he receive Rs. 8,00,000 from the builder during F.Y 2019-20 as cash and will receive 4 flats the estimated date of completion is during F.Y 2021-22. The builder has deducted TDS @ 10% on the cash payment. Now since the incidence of tax will be during F.Y 2021-22 can I claim refund of TDS deducted during F.Y 2019-20.
No.
The TDS gets carried forward till the year of completion of the project.
Can you please help regarding the investment U/S 54EC time of 6 months to be calculation from the date omn JDA agreement of the date on which completion certificate are issued ??
From the date of completion certificate....
Thankx a lot Sir. Can you please guide as regards to current financial year which ITR form needs to be used ? He doesn't have any other source of Income.
Though not declared till date, but ITR 2 should be appropriate.
The TDS credit will reflect in your current 26AS but you have to carry forward it to FY 2021-22 when the project will be completed.
Thankx for your reply. Can you plz guide which ITR will be appropriate ?
Tds is applicable on Money part only and not consideration received in KIND
Shown in 26AS as TDS u/s 194 IC @ 10 %
ITR 2 is appropriate
R P S K & Associates
Nashik
CA Inter
View Details
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
SSGS and Associates
Chennai
CA Inter
View Details
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
CAclubindia
