Capital gain
This query is : Open
08 September 2015
I am a resident Indian & I want to sold one property which is in the name of me & my two NRI Uncles. Purchaser told me that he deduct 20 % TDS on transaction because my Uncles are NRI. The property belongs to us for more than 1 year.
My Question is
1) If we reinvest the capital gain amount in other asset then it wiil be Exempted from tax or not?
2) Can this TDS Amount will be refunded to us?
My Question is
1) If we reinvest the capital gain amount in other asset then it wiil be Exempted from tax or not?
2) Can this TDS Amount will be refunded to us?
08 September 2015
1 It will be exempted from tax.
2 TDS amount will be refunded on filing of return seeking refund.
2 TDS amount will be refunded on filing of return seeking refund.
08 September 2015
There are many tax exemption section available in income tax. But to NRI only exemption under section 54 and under section 54EC is applicable. To resident all exemption is available. Once you take exemption under section 54 then your whole capital gain get exempted and you can take refund of all TDS deducted.
08 September 2015
Deven,
Firstly deduction is available on " long term capital asset".
In case of property, it is considered long term only if it has been in your hands for more than 3 years.
Else no deduction available for you.
Firstly deduction is available on " long term capital asset".
In case of property, it is considered long term only if it has been in your hands for more than 3 years.
Else no deduction available for you.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
