Tds on sale of house property - refund

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Need to know whether TDS deducted by purchaser in respect of house property can be claimed by seller for adjustment against liability for capital gains tax? If not, will it be refunded separately?

thanks

Replies (6)

yes you can use tds against your tax liability. 

if it is coming up in you 26AS then surely you can claim it.

It can be adjusted against the Tax liability 

thanks. the other query is: when the sale agreement is made, normally the full consideration amount is shown.

Now, since TDS is deductible, how should this be reflected in the Sale Agreement, which has to show the full consideration amount paid by cheque or draft.. for Rs. .... (full value). The amount of full consideration has also to be  used to arrive at capital gain if any.

Is there any legal format to reflect the TDS in the agreement itself, because when TDs is deducted, obviously the buyer would issue a draft/cheque for agreed consideration minus the TDS.

What is the actual practice in this regard.

thanks

In the agreement the mode of payment of consideration can be mentioned. 

Such as, Cheque drawn in xxx bank dated DD/MM/YYYY for Rs. xxxxx

TDS deducted u/s 194IA & deposited in the account of Central Governement, and reflected in the Seller (x party's) PAN of Rs. xxxx

The appropriate words can be used. 

 

Dear sir,

I am selling my property R-3200000/- for my daughter marrage. the party is giving the money the way of cheque(bank loan)-2500000/+cash-700000/-.In this term how mach i pay the tax--- Any exemption clim for the sale amount

 

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