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Amit Gupta |5 Answers |Ask -Follow

Answered on Apr 18, 2022

Question by Pinky on Apr 18, 2022Hindi

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I bought a house in the financial year 2020-21 for Rs 65 lakh. While making the payment I had deducted TDS and deposited it in the government account my CA asked me to. Could you let me know if I should declare this purchase transaction while filing my return and the TDS payment I made to the income tax department? I earn from my salary and interest out of FDs.

Ans: No there is no need to declare the purchase in the Income Tax Return.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Financial Planner - Answered on Nov 13, 2020

Question by Avneet - Nov 13, 2020Hindi

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My query is I had bought a house in the financial year 2019-20 for Rs 71 lacs and while making the payment I had deducted the relevant TDS and deposited it to the Govt Account. Wanted to know if I need to declare the purchase of property in my ITR and the TDS deducted on it. My source of Income is Salary and Interest.

Ans: There is no specific requirement to file ITR returns when you purchase a property. This would however be available with the IT Department based on the TDS that was deposited and the information shared based on registrations of properties.

However, there is a reporting of assets and liabilities required if your taxable income is over Rs 50 lakh. In such cases, you would need to do so.

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Financial Planner - Answered on Oct 11, 2022

Question by Padam - Oct 11, 2022Hindi

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I sold my house in Sep 2021 at a price of Rs 70 lakh. After indexation capital gain is Rs 45 lakh which I invested in 54EC bonds and balance in FD with SBI. On 70 Lakh a TDS of Rs 70,000 was deducted which is shown in my 26AS. My other income from interest and dividend income after taking benefit of 80C and 80DD is Rs 325000. My question is whether TDS of 70,000 be refunded after filing my IT Return for FY 2021-22.

Ans: Yes, you can claim a refund in your IT return after adjusting for any tax payable from any other source of income in the same financial year.

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Tax Expert - Answered on Mar 17, 2023

Question by Ramesh - Mar 14, 2023Hindi

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I have sold my house for which the buyer has deducted TDS of Rs.80000/- in March 2023.However I will also deduct TDS OF Rs.125000/- in April 2023 on my purchase of property.Please let me know whether I can claim TDS of refund TDS of Rs 80000/- in my income tax return for the financial year 1922-23 since I have purchased the house but TDS will be recovered in April end.

Ans: Yes, refund can be claimed if gain amount is invested in another property on or before filing of income tax return and tax liability is NIL for income computed for FY 22-23.

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Question by VIJAYA - May 29, 2023Hindi

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Hello Sir, I have sold a house for Rs.80 lakhs. The buyer has paid Rs.75 K towards TDS which he is deducting from the sale proceeds to be given to me. I it the right proceedure?

Ans: Yes, any person buying property from resident is required to deduct TDS 1% if consideration/stamp duty value is more than 50 lacs

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