TDS on immoveable property is 1% on the sale value above 50 lacs.
I have few question:
1) What if the property is co-owned and sold for 95 lacs? Whether TDS will be applicable or not?
2) If it cross 50 lacs and TDS is deducted at the rate 1%, and also TDS return filed, how does one claim the credit of TDS? Whether it will reduce total tax liability or tax liability of salary or income from house property or tax liability arising out of capital gain?
3) If TDS can be claimed over total tax liability, can one show it to the employer and not deduct any TDS from salary for that year because tax has already been paid?
4) Can this TDS be claim in the same year or any other year?
5) Will TDS apply only to sale of property or even other types of transfers such as release/relinquishment of rights?
Thanks
CAclubindia
