Tds on advance received against sale of property
This query is : Open
27 July 2018
The assessee has received advance towards sale of property and TDS of 1% has been deducted during previous assessment years. Now the sale deal is to be cancelled and final sale is not to take place. How to claim back the TDS deducted since no income will be offered in this case now?
30 July 2018
Claim by filing ITR and explain to ur assessing officer that the deal has been cancelled. Please preserve the Agreement and cancellation agreement. If u forfeits the advance, then please show the same as your income.
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