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TDS on buyback of flat

ishaan arora (Accountant/Learner) (58 Points)

26 October 2017

We are planning to buyback few units from our client in our Caladium Project at premium of Rs. 1500/- per sq. ft.. Please clarify us whether we are required to deduct TDS on this transaction?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 27 October 2017

Depends upon the terms of cancellation. Generally refund amount is capital asset and not liable for tax or TDS......... but any compensation paid is termed as 'interest' and liable for TDS. [ Income Tax Officer (TDS) Vs M/s Beacon Projects P Ltd, All ITAT (4283) ITAT Cochin (62)]

ishaan arora (Accountant/Learner) (58 Points)
Replied 27 October 2017

Actually we are a builder and we are buying back flat from our client which is stock for us, please advise whether we have to deduct tds or not?

Pankaj Arora (Learner) (3134 Points)
Replied 10 November 2017

BUT SIR AFTER ITAT COCHIN JUDGEMENT, ASSESS HAD APPEALED IN KERAL HIGH COURT, AND AS PER HC JUDGEMENT TDS IS NOT DEDUCTIBLE 194A.

Attached File : 264983 20171110164522 list new2 pdf.pdf downloaded: 79 times

ishaan arora (Accountant/Learner) (58 Points)
Replied 26 November 2017

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