SHIRISH S S (Proprietor) (1030 Points)
27 June 2023I purchased a house in 1988 for 1.75 Lakhs. I sold the house on 25/06/23 (sale deed was registered).
I dont want to purchase a new House but will invest 50L in Capital gains bond within six months.
Whether I need need to Open capital gains account to put my sales proceeds?.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166022 Points)
Replied 27 June 2023
No, unless you wish to get exemption under sec. 54 IT act, no need to deposit the amount in CG sav acc.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 28 June 2023
The Buyer has deducted 1% TDS and paid online under minor head 800 (TDS OF SALE OF PROPERTY).
Whether it will reflect directly in my account or CA has to connect that TDS to my PAN?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166022 Points)
Replied 28 June 2023
Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Seller, property being sold, sale consideration, tax deposit details etc.
So, if seller's pan is correctly filled in form 26QB, it will definately reflect in your AIS & form 26AS. Ask buyer to issue TDS deducted certificate, i.e Form 16B.
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