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TDS on capital Gain

Ashish Saini (Self Employed at Ashish Saini & Associates) (180 Points)

25 June 2011

If we get amount of Capital Gain after deducting TDS on it ,in what section we should claim it.Actually before now i had never listen about it ...so whether TDS should be Deducted on it , if yes, what is the limit, on which TDS is applicable on Capital Gain.

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16 Replies

SANJAY (CHARTERED ACCOUNTANTS) (938 Points)
Replied 25 June 2011

There is no such section in Income tax Act for deduction of TDS on Capital gains....

Sunshine (Helping All) (10575 Points)
Replied 25 June 2011

No way u can deduct TDS on capital gain....never

sharad ( ) (157 Points)
Replied 25 June 2011

THERE IS NO SUCH SECTION AS SUCH IT ACT

Ashish Saini (Self Employed at Ashish Saini & Associates) (180 Points)
Replied 25 June 2011

Thanks for replying...but if ...we get such amount after deducting TDS .....then there is one Section 195(Others) ,....whether it will be right to fill ITR mentioning deduction of TDS under that section...?

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 25 June 2011

THERE IS NO SECTION FOR DEDUCTING TDS ON THE CAPITAL GAINS.

BUT IF YOUR TDS HAVE BEEN DEDUCTED THAN IT IS YOUR RIGHT TO GET REFUND OF THAT TDS BY FILING RETURN.

Aparna Raja K.C (Student) (520 Points)
Replied 25 June 2011

TDS might have been deducted uder the provision of Sec 196 B :)

Section 196B -

Where any income is payable in respect of long term capital gain arising from transfer to off shore fund, the person responsible for making the payment shall at the time of credit of such income, should deduct tax at the rate of 10% :)