Sale of House Property

Income Tax Income from Capital Gains
23

I was the joint owner in a old property which are sold recently.
I had not paid anything while buying the property and have not received anything while selling the property. The whole amount on selling the property was received by the other owner whose IT return was filed by including the long term capital gain and by showing the investment he made using that complete capital gain in buying a new property in his name. Let me know if I have to show this point while filing the IT return for me as no profit/no loss case and where it will be mentioned in IT filling.

24

Hi @Infos

Since you’re a joint owner of the property, and TDS had been deducted on the sale, you must disclose the same in your ITR.

25

Hi,

I am transferring the allotment letter for my house property to another buyer. The builder has not yet issued occupancy certificate so I cannot take possession of the house. I understand that I am transferring the “right to acquire the house” which will be classified as a capital asset for capital gain calculation.

My query is whether the transferee (buyer of the right) needs to deduct TDS @1% on this as the value is above 50 lakhs? but it is not actually “immovable property” rather it is a “right to that immovable property”? Whether Sec 194IA applies here ? or whether any other TDS section is applicable here?

Your advice would really be helpful as the buyer is willing to go ahead with the transaction tomorrow.

26

Hi @Ashwin1

If the sale deed happens with you, TDS u/s 194IA would be deducted for your PAN, and if it is from the builder, then TDS u/s 194IA would be deducted for the builder’s PAN.

No other TDS section shall be applicable.

For any further assistance, you can also Ask an Expert.

Hope this helps.