Long tern capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2018 During financial year 2015-2016, I had sold a plot of land, which was purchased by during FY 2011-12, I had incurred net loss on the same after applying indexed cost of acquisition.. While filing my IT return of AY 2016-17, I did not reflect the above in the IT return. I e-filed my IT return during Sept.2016. But subsequently, during Feb.2017, the purchaser deducted 1% TDS on the sale value of land, which was only learnt by me from Form 26AS. As such, please advise me what should I do now ? Whether I should claim refund of above TDS in AY 2017-18 ? And If I claim refund now, whether question will arise as why I did not reflect the long term capital loss on the IT Return of AY 2016-17 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 March 2018 1. Check the TDS details. IT should reflect for FY 2015-16 only

2. If not, ask the purchaser to revise the TDS challan details

3. Make sure that this happen asap since you have only 15 days to file revised return for claiming the refund.