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Q. > Please Help: Commission Received on purchase of flat
Hi Sir,
My Client has purchased a flat worth Rs. 93 lacs. broker has returned him commission of Rs. 58000 after deducting TDS @ 10% by cheque. broker has also given him TDS certificate for the deducted amount and same is showing in form 26AS too. Now I have question where I have to show that commission. as per rule it should be deducted from cost of flat. but broker has shown it as commission. please tell me what to do in this matter.
answered Feb 26, 2012 by Mrattunjay , New Delhi
TDS rEFUND CLAIM With TAX Authorities
answered May 21, 2013 by Vikash Kumar Jha , Cuttack
If that commission received by you from the broker in the nature of income then it will not deducted from cost of flat. Otherwise it will deducted and you can claim as a refund.
Experts Panelist
Comments
CA VIKAS JAIN
23-Jun-2011 , 11:00:30 amDear Vishal, No doubt that the return of commission will reduced the cost of Flat to your client. The TDS deduction made by the broker is wrong and the RS 58000 plus amount of TDS will reduced the cost of flat. now the TDS is already deducted and same has been deposited with the govt, now that amount can be claimed as refund by your client in his return.
Alok
26-Jun-2011 , 10:43:55 amVikas Jain is right, there is no need to deduct TDS. I think It can not treat as part of your Income. It will reduced from your cost of flat.
Vishal Gupta
29-Jun-2011 , 12:38:01 pmThanks Vikas Ji, But i want to know one more thing. as tax has been deducted now. against which income I should claim that tax deducted?