30 December 2013
I am selling my property at a loss i.e. there is no LT captial gain after indexation, cost of acquisition etc. It is a bank loan transfer and the bank is deducting the TDS before payout to me (seller)
I want to avoid paying the 1% TDS and applying for refund in future.
You can approach your Income tax Officer for Low or No Deduction certificate.
And you can submit such certificate to the Bankers so that they should not deduct TDS or deduct low rate of TDS
You may make an application in Form 13 (I suppose) with copies of returns and details of capital gain transaction to estabilish that there is a loss in a transaction and no TDS is to be deducted
CAclubindia
