Good afternoon,
I am planning to sell my flat. As a part of the process, buyer will deduct 1% TDS on the agreement value.
I will be buying another property basis proceeds from the sale.
Can I recover/reclaim the TDS deducted for the sale of my current property? if yes, how?
Kindly help
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Refund of TDS on Sale property
Replies (4)
Quick Summary
TDS deduction would be required if your sale proceeds exceeds 50lacs and a no agricultural property.
TDS deducted could be claimed while filling of your ITR no sooner than that
TDS deducted could be claimed while filling of your ITR no sooner than that
If the entire capital gain is used for purchasing residential property then you may apply for refund at the time of filing ITR
After filling your itr but your income should not be taxable
If the capital gain after investment is upto 2.5lacs then there won't be any tax ..
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