TCS for sandy
This query is : Resolved
11 June 2024
I bought a car in Jan 2024 .TCS Rs. 19.583/- was paid to government by car dealer. The same is now seen in AIS and Form 26AS. whether this can be claimed as refund by me ? If Yes ,where to include this. In TCS page or anywhere else in ITR . If no how to include in ITR or no need to show.
12 June 2024
In TCS schedule of ITR.
13 June 2024
sir, whether it is refundable or adjustible against income tax ,if any?
13 June 2024
After adjustment of any tax liability, excess amount is refundable.
13 June 2024
Ok very good. Thank you very much. I have few other queries unanswered. would you please look in to it
13 June 2024
You are welcome.
13 June 2024
Further developer wants to compensate for 12 years delay in form of hardship compensation. does this amount attract any tax? if yes how to go about it in another way, safe way to attract no tax or minimum tax? This is a reconstruction of old buildings project in MHADA , Mumbai.
13 June 2024
Need to study the actual hardship to tenants with any alternate accommodation provision etc, as ITD doesn't get convinced for any such freebies.
13 June 2024
"XX. COMPENSATION FOR PROJECT DELAY PAYABLE IN THE FORM OF MONETARY COMPENSATION:
(A) The Developer has agreed to pay to -------------------------------------------------------, the party of the Sixth Part, a monetary compensation of Rs.------------------------------- towards compensation on account of project delay."
Sir, whether this clause can attract tax?
"XX. COMPENSATION FOR PROJECT DELAY PAYABLE IN THE FORM OF MONETARY COMPENSATION:
(A) The Developer has agreed to pay to -------------------------------------------------------, the party of the Sixth Part, a monetary compensation of Rs.------------------------------- towards compensation on account of project delay."
Sir, whether this clause can attract tax?
13 June 2024
https://www.taxmann.com/post/blog/compensation-received-from-builder-for-its-failure-to-deliver-flats-in-time-taxable-under-head-capital-gains-itat/
13 June 2024
https://timesofindia.indiatimes.com/business/india-business/interest-on-refunds-from-builders-adds-to-tax-burden/articleshow/60862862.cms
14 June 2024
"The original agreement was done in 2012 for the said property . Part of money Rs.10,31,250/- was with held as per terms of the agreement. There was a lapse/default of 12 years in commencement of the project by developer. Thus there is a delay in paying the said Rs.10,31,250/- to the beneficiary. The property capital value has gone up in the subsequent twelve years till date. The difference in value of property amounting to Rs.55 lacs is paid now to the beneficiary Mr.XXXXXXX, as his share"
I have drafted the above clause to include in the MOU to be done in few days. the clause is drafted by me so that the monies 55 lacs coming to me can be put under section 54EC of capital gains. please confirm that this clause will get me that CG benefit. Other point I want to ask you Sir, is whether I can avail Capital Gains again now. I availed it in 2012-13 before. suggest any modifications for above clause which you may deem fit.
I have drafted the above clause to include in the MOU to be done in few days. the clause is drafted by me so that the monies 55 lacs coming to me can be put under section 54EC of capital gains. please confirm that this clause will get me that CG benefit. Other point I want to ask you Sir, is whether I can avail Capital Gains again now. I availed it in 2012-13 before. suggest any modifications for above clause which you may deem fit.
14 June 2024
Need to check all other aspects of the agreement along with the date of possession of original property. Advisable to consult any local professional dealing in such cases.
14 June 2024
Please delve in to my query and give me a resolution promptly as I am supposed to sign the MOU. Sir Any professional fees i will pay as advance. Locally every CA consulted gives different opinions .I am very much confused. There is no clear verdict as to what I should do.
14 June 2024
As per available data, the solution is given with our best efforts. For any more conclusion, thorough study of all the documents is required. Difference of opinion is quite possible in such cases, but you will have to rely upon one which is best in your understanding.
Contact local professional, who can be physically present wherever needed. Good luck.
Contact local professional, who can be physically present wherever needed. Good luck.
14 June 2024
Thank you sir. Appreciated. Does CA club have a paid service? I am from Hyderabad.
14 June 2024
There are good CA firms in tween cities, search for experienced one, who can represent the case at higher level. You all the allottees in the project may unite and share the expenses.
14 June 2024
I stay in Hyderabad.Whereas everyone else in Mumbai.Property n Mumbai. They all have a very experienced firm for support. my ITR is filed here.
14 June 2024
Check if R. Seetharaman Sir can help you, provided he is in India.
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