Selling a house - furniture query

Tax queries 288 views 1 replies

Hi,

I am looking to sell my house and had few queries -

1) Lets assume I am selling my house for 1 CR. Now the buyer has proposed if we keep the flat value at 95 Lakhs and furniture at 5 Lakhs.

a) In the above condition, do I need to include furniture part in the sale agreement ?

b) Will showing the furniture sale at 5 Lakhs invite any tax liability on my side ?

c) Assuming I have no other income, is the 1% TDS amount returnable while filing return ? 

Thanks.

 

Replies (1)

a) Need not.....

b) Yes, if the justifying bills & payment vouchers of the furniture cannot be produced.

c) TDS decucted would be adjusted against your tax liability including capital gains of the house sold, if any, and balance be refunded as per filed ITR.


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