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Tds on sale of property and ltcg tax saving

Tax queries 288 views 2 replies

Hello sir,

This is regarding TDS and long term capital Gain tax for sale of house property. I bought house in 2009 and sold in 2016. The long term capital gain on this sale is around 6 lacs. the trans details are

Agree for sale  - 29/02/2016

TDS deducted -  12/03/2016                        Rs. 570000

Sale deed         -23/05/2016

Capital gain       - 6 lacs

Agreement of this sale done in last FY and sale deed on this FY. I have to deposit the capital gain in CGtax saving scheme.

I need clarification tht whether I have to deposit the CG before july 31st of 2016 and file return or  I can do it before next year return file date (31/07/2017) as sale deed done in 23/05/2016. Which date I have to considered, TDS date or sale deed date.

Pl help.

Regards,

S.Selvam

Replies (2)

Take transfer date as of Date of Agreement, and proceed

Capital gain is chargeable to tax in the year in which the asset is transferred irrespective of when the sale consideration is received.

In your case due date is 31.07.2016


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