24 August 2018
In case of Sale & purchase of Resedentail house is TDS adjustable with Tax to be be paid. for example A person purchased a new house for Rs 2,11,00,000/- on which he ducted TDS 2,11,000/- & he sell his old resedetial house for 1,20,00,000/- for which TDS was deducted by the purchaser 1,20,000/- so my question is while paying Tax (tax audit case - Sole Proprietor) will the TDS portion be adjusted in the Self Assesment Tax to be paid??
26 August 2018
You can claim exemption of LTCG subject to that you should not own second property at the time of sale. It should be Long term Capital Gain Should be invested on property .
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