Refund of TDS
3 months ago
I need to sell my flat of 90 lakhs. Capital gain 15 lakhs. Dealer told me deduct 90k as TDS from 90 lakhs. I do job and come under 30 percent income tax bracket. Can I get refund of TDS after filing ITR as I have capital gain and salary comes under 30 percent bracket.
A.Dear Client,
In the scenario you described, where you are selling your flat for 90 lakhs with a capital gain of 15 lakhs, the dealer suggests deducting 90k as TDS. Since your job income falls under the 30 percent income tax bracket, you may be eligible for a refund of the TDS after filing your Income Tax Return (ITR). When filing your ITR, ensure you include details of both your salary income and capital gains. The TDS deducted can be adjusted against your total tax liability, considering your income falls under the higher tax bracket. After completing the ITR filing process, you may receive a refund for any excess TDS deducted, provided all necessary details are accurately reported in your tax return. It's recommended to consult with a tax professional for personalized advice based on your specific financial situation.
Thankyou
In the scenario you described, where you are selling your flat for 90 lakhs with a capital gain of 15 lakhs, the dealer suggests deducting 90k as TDS. Since your job income falls under the 30 percent income tax bracket, you may be eligible for a refund of the TDS after filing your Income Tax Return (ITR). When filing your ITR, ensure you include details of both your salary income and capital gains. The TDS deducted can be adjusted against your total tax liability, considering your income falls under the higher tax bracket. After completing the ITR filing process, you may receive a refund for any excess TDS deducted, provided all necessary details are accurately reported in your tax return. It's recommended to consult with a tax professional for personalized advice based on your specific financial situation.
Thankyou
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A.Dear Sir,
The question related to financial cum tax matter. To get effective answer you may approach any auditor or chartered accoutant.
The question related to financial cum tax matter. To get effective answer you may approach any auditor or chartered accoutant.
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