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Readers' Corner: Taxation

As a seller, you should compute capital gain tax liability on this sale after claiming credit of TDS

Kuldip Kumar 

I sold my house in April for Rs 55 lakh. At that time, the purchaser didn’t deduct the mandatory one per cent tax deductible at source (TDS). Four months later, he is seeking money so that he can pay TDS. What are the tax-related problems I can face if I don’t give him the TDS amount? I have not paid capital gains on the profit. The money is lying idle in my bank account. I had purchased this property in 1991. A chartered account told me to wait until the income-tax department comes up with new inflation index (CII). Should I wait or pay capital gains based on old CII? ...

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First Published: Wed, September 06 2017. 23:08 IST
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