Tds u/s 194 la
GOV. HAS Deducted tds on compulsory acquistion of agriculture land and house Is tds deducted is refundable by filling ITR if yes tell me the process
Replies (2)
It is TDS therefore , YES it is refundable if your tax liability as per ITR is less than the amount of TDS.
PROCEDURE :
1. Obtain FORM 16B form the deductor. Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) , which he will download from TRACES.
2. on the basis of FORM 16B claim TDS in your return .
3. and if your tax liability is less than TDS you will get the refund of excess tds.
Which itr form i should file and tds deducted by gov can be refunded total by gov this year if i purchase land of the amt received within 2 years as per sec 54 b
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