TDX while flat purchase

Share
Share This Thread
  1. dev_xp1

    dev_xp1 New Member

    Dear All,

    I need a suggestion from you on behalf of my friend.

    He has purchased a residential Flat along with his father and mother at Kolkata with a consideration of Rs 28 ( Twenty eight) lakhs [contribution amount: father: 12 lakhs, mother 10 lakhs, my friend: 6 lakhs over 5 years ] where full value of consideration U/S 50C is Rs 51 ( Fifty one ) lakhs for the computation of Capital Gains. As per U/S194 IA Transferee is liable to deduct Tax @1% where consideration is 50 ( fifty ) lakhs and above at the time of making payment / credit.

    Please advise whether he is liable to deduct tax at the time of payment and if so, then on what amount. Also, if they need to deduct the tax, do they need to deduct it on the basis/ratio wise as per their contributed amount?
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
ITR filing requirement while partnership firm is in loss and dissolving it Income Tax Sep 26, 2017
Get leave encashment exemption while filling revised return Income Tax Aug 30, 2017
Error while uploading XML file Income Tax Jul 29, 2017
problem in uploading xml file while efiling return. Income Tax Jul 28, 2017
Credit card used by a friend how to show that while tax filing Income Tax Mar 17, 2017