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
Posted On 20-Jan-2024
Share on
×