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TDS u/s 194IA - on sale of House Property

Tax queries 263 views 4 replies

Dear Sir(s)/ Madam (s)

One of my relative sold a property at Rs. 55.00 lakh on which the buyer has deducted TDS u/s 194IA of Rs. 55,000/-. Entire Capital Gain of Rs. 40.00 Lakh ( calculated) has been kept in Capital Gains Account Scheme 1988. Hence, no capital Gain tax payable for the AY 2020-21. Can he get refund of Rs. 55,000/-, as he has no tax liability for the year?

Replies (4)
Yes Ofcourse
Yes he can get
From 14th May 2020 to march 2021 the TDS rate is 0.75% i.e. Rs.41250 he has to deduct as TDS, if he remitted means no problem u can claim refund after your income tax return.
Thank you all so much for your valuable guidance.


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