Akansha jain (CA) (156 Points)
20 June 2022
CA R SEETHARAMAN
(CA Practice )
(146027 Points)
Replied 20 June 2022
Yes, as the value of the property exceed 50 lacs.
Akansha jain
(CA)
(156 Points)
Replied 20 June 2022
MR. X(old buyer) has already deducted TDS on first 50 lakhs while making payment.
Now Mr. Z will deduct TDS on balance 50 lakhs while paying to Mr. Y
Now, Mr. Z (ultimate buyer) is returning Mr. X money so deducting TDS on this will be double deduction of TDS?
As Mr X was not the owner of the property. before completing the deal ,he asked mr. Z to buy the property.
Will it not be double deduction of TDS?
CA R SEETHARAMAN
(CA Practice )
(146027 Points)
Replied 21 June 2022
Yes, no need for TDS for payment to X.
Akansha jain
(CA)
(156 Points)
Replied 21 June 2022
Can you please share some reference for that?
It will be great help for me, sir.
CA R SEETHARAMAN
(CA Practice )
(146027 Points)
Replied 21 June 2022
It's only return of money no income accrued to him for TDS.
I don't have any reference.
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