Case Law Details
Case Name : M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Jodhpur
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M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur)
Even though the admitted position is that the assessee buyer/transferee has not deducted tax in the hands of the Joint Owners of the property, still we note that sub-section(2) of sec. 194-IA of the Act provides an exception from deducting tax of 1% of the sale consideration, when the sale consideration for the transfer of an immovable property is less than Rs. 50 lacs. Therefore, in the instant case, we note that the total sale consideration is only Rs.60,12,000/- and the admitted fact as taken note by AO & Ld. CIT(A) is that ...
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I sold a plot in joint ownership with wife to a buyer. Buyer paid 31 Lakh each to us, but deducted TDS (1% of 60 Lakhs) only for me. Now what are options for me? We file ITR separately. Should we show the payment and only I claim TDS?