16 February 2016
In one of our case a client received advance money of Rs 3 Cr in the month of Feb 2015 for sale of immovable property, TDS on above sum is duly deducted & deposited by the buyer but the sale deed are not executed in the F.Y 2014-15, so now my query is that can we claim credit of TDS in A.y 15-16 or it will be allowed in A.y 16-17.
17 February 2016
Your client can claim in FY2014-15. If he handed over the property in FY2014-15 i.e. before registration itself, take the recourse of Sec. 53A of TPA and sec. 2(47)(vi) of the Income Tax Act and offer the capital gains tax in the FY2014-15.
18 February 2016
Sir, its 2 (47)(v) but its not apply in our case because possession of property is not handed over to buyer, its simply a case of advance money received for transfer to be made in future.
CAclubindia
