ICICI

Who is laible to pay tds on immovable property??


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Vineet Goyal (Assistant Manager - Finance & Accounts)     02 April 2015

Vineet Goyal
Assistant Manager - Finance & Accounts 
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TDS has been made applicable on immovable property to curb black money transaction. It can be claimed as refund even if you do not invest the sale amount. TDS entry informs the Income Tax Dept. about the transaction only. After that, IT dept. just goes through the history of person purchasing the property to find out sources of funds. This enables IT Dept. to curb the black money transaction. 

 

You need to pay tax only if there is any captial gain in this transaction. If there is no capital gain, you need not to pay tax and you will get complete TDS amount refunded after you file ITR.

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Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015)     02 April 2015

Vivek Venkataram
Just cleared CS(441/800) now C.A Final Attempt in May 2015 
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You can get it refunded if you have paid appropriate taxes for your other income and have no tax payable at the end of the year just like every other Tds refund. Thanks to this post i have also got clarity on this topic as one of my neighbours had this query


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