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TDS on Sale of Property

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Dharmesh Parekh

Chartered Accountants

44 Points Posted on 19 August 2020

Sale of property happened in 2018-19 but purchase deposited TDS on sale of property deducted in next financial year as bank loan disbursed in next year.

Now will i face problem while claiming refund in FY 19-20 as no corresponding Capital gain Income in FY 19-20, as capital gain shown in 2018-19 (Fully exempted) ?

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Quick Summary

This discussion addresses a common issue where TDS on property sale was deposited in a later financial year than the sale itself due to bank loan disbursement delays. The user is concerned about claiming a refund for FY 19-20 when the capital gains were declared and exempted in FY 18-19. Advice suggests the purchaser can rectify the TDS deposit, allowing the seller to then file a rectification application to claim the refund.