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tax issue related to property sold out

Hello guys.. I m also ca final student. My first gropu also cleared. Still I need your help...d issue is I have sold my property for 95 lacs n realosed alll money from buyer. Now buyer asking me to give him 1% as TDS . Bcz at the time of payment he didnt deducted the same amount. Now the question is whether I am lible to make payment for the same to the buyer? Or I can avoid such payment to him? Secondly the property which is sold out was I nam3 of my name and my mother. Indexed value was 62 lacs sale consideration 95 lacs. I am planning to reinvest to save tax. Now the question is IDENTIFIED RESIDENTIAL Property which I want to purchase can be purchsed in my mogher nameonly TO CLAIM EXEMPTION ON CA0ITAL GAIN? OR THE NEW PROPERTY SHALL BE NECESSARY BE IN THE NAME OF BOGH ME NAND MY MOTHER?

Hi Gulshan,

No you are not legally duty bound to refund the amount of TDS to the buyer.

Further, if amount of sale has been received by you and your mother both, then new property should also be bought in the name of both.

Pl revert if you need any clarification.

27
Apr

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