I deal with a person for sale of his property (immovable property) in March 19 for consideration of RS 60 Lacs.. while accepting of Advance money of RS 5 lacs he deduct TDS @ 1% and this TDS is shown in my 26As but sale deed not not executed till March 19.
In actual sale deed is executed on July 19.
My query is that while filing of ITR for. Ay 19-29 (last date 31aug 19). how to show transaction in my ITR.
Please clarify any circular or relevant rule for base
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SALE DEED TRANSACTION IN ITR
Replies (2)
If it was only advance till the end of the year, treat it as advance only, and do not claim TDS in the ITR for AY 2019-20.
The same can be claimed in ITR for AY 2020-21.
In ITR for AY 2019-2020 please show TDS deducted on advance amount under TDS schedule Item TDS3 .
See that last column indicates TDS credit being carried forward.
If you do not fill this schedule , you won't get credit in AY 2020-2021.
See that last column indicates TDS credit being carried forward.
If you do not fill this schedule , you won't get credit in AY 2020-2021.
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