Tax on sale/purchase of property
BRIGADIER RM SHARMA
(Querist) 31 July 2018
This query is : Resolved
Dear Sir,
I & my wife own a residential house purchased in 2003 out of my income. Not inherited. Now we are selling it and buy another house with the sale proceeds plus loan. I understand that buyer will deduct TDS @ 1% and deposit against my PAN number. I will do the same for the house that I purchase. My questions are:-
1. Should this TDS be deposited in my and my wife's PAN account @ 50% each to avail of exemption available if sale proceeds are utilized to purchase another property?
2. Is there any special provision for senior citizens?
3. How should the sale proceeds of old property and purchase price of new one be treated in ITR?
Thanks and regards
Brigadier RM Sharma
Dr J C Vashista
(Expert) 05 August 2018
Post your query on CA Club or consult a local tax practitioner as there is no dispute involved in the facts stated by you, which may be opined and advised by legal experts on this platform.
