12 February 2018
Dear Sirs : Good Morning ! One of my client (first party) sold his residential property getting a long term loss of Rs.4,44,000.00. However the purchasing party deducted and deposited TDS of 21 % on full sales proceeds. Now can the first party claim REFUND from Income Tax Department. Further 1) does he has to compulsorily invest monetary proceeds to buy in another house in India 2) Can he invest sales proceeds in his country of origin 3) Can he invest in Long term Capital gain Fixed Depoist Account for three years in India OR his country of origin. FINALLY what implications will arise if he uses sales proceeds in none of above. Kind regards
CAclubindia
