Clarification required

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2013 Dear Experts,

I wanted to know how i can save the tax in the following case :

Mr.A who sold his land to Mr. B for the value of Rs.85 lakh and Mr. A has received the payment through Cheque and which has been deposited in his bank account. Now Mr. A wants to withdraw the same, but the Banker insisting to pay the Tax on that amount. If think that tax would be @ 30% then Mr.A have to pay Rs.20 lakh as tax, which he wanted to avoid it. Please suggest me how tax can be saved. Even after submitting to the banker about all the legal documents of the land sold, banker wants to issue TDS certificate for which Mr. A has to pay Tax.

Looking forward for your immeidate reply.

Regards
Vithal

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

12 August 2013 .
Bankers can not insist to pay the tax.
.
TDS is deposited by the deductor- in this case- by the bank.
.
Tell the bankers to deduct TDS and issue a certificate. File a complaint with the higher authority of the Bank.
.