Discount on Property Purchased from Broker is Capital Receipt

Assessee has received Rs. 1,81,497/- as brokerage from M/s Ali check Deals.com on which the TDS of Rs. 18,150/- was deducted u/s. 194H of the Act which was a discount on her Jay Pee Property purchased in February, 2010 from All Check Deals in the year 2011-12.

Assessee has not offered the same for taxation as according to her As per the Income Tax Act only the income is to be taxed in the hands of the recipient in whose hands the nature of income is to be decided. It was also stated that in the case of the assessee the

Please become a Premium member. If you are already a Premium member, login here to access the full content.