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

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Accounts Officer
239 Points Posted on 07 November 2020

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?

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On 07 November 2020 at 22:27 Report
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Quick Summary
This discussion explores whether a property seller can claim a refund of TDS deducted under Section 194IA when the capital gains are fully invested in the Capital Gains Account Scheme. The consensus is that a refund is indeed possible, even if the TDS rate was incorrectly applied, as the excess TDS can be claimed back when filing the income tax return.

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7 Points Posted on 07 November 2020
Yes Ofcourse
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On 07 November 2020 at 23:07
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Tax consultant
5895 Points Posted on 08 November 2020
Yes he can get
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On 08 November 2020 at 00:17
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358 Points Posted on 08 November 2020
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.
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On 08 November 2020 at 09:06
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Accounts Officer
239 Points Posted on 08 November 2020
Thank you all so much for your valuable guidance.
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On 08 November 2020 at 12:47

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