SHEFALI (CA Final student) (54 Points)
22 June 2010I have paid brokerage to a broker for purchase of house now he returned me Rs.90000 after deducting TDS at the rate of 10% ie. Rs.10000, is he allowed to do so and will it be treated as my income...i m karta of HUF.
which ITR should i file.
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 22 June 2010
Hi.
First of all wat ever the amount paid by you in the form of brokerage, when the same is retruned toyou any extent , it is not in the nature of any brokerage. Hence there is no scope for TDS in this regard.
As the same is paid by you earlier , when you recieve back it is not at all treated as income. Only thing is that wat ever the amount you recieved back is to be reduced from the value of house property. Bcoz u could have capitalized the total brokerage paid while purchasing such property.
filing the return depends on the type of income you receive.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
