tds can not be deducted while making payment for purchases,
tds will be deducted only on job works, for example: while
making payment to contractors, sub contractors, payments
for proffesional and technical services, while paying
interest and rents, commisions, salaries etc,
Basic to know the nature of service rendered against the
invoice , If break up of material and labour is shown in
the invoice than TDS is applicable only on labour , if
breakup is not shown TDS to be deducted on bill value.
VAT is charged by Vendor as the material involved for
finishing required service involves material which he has
purchased by paying VAT
My query is related to capital gain on house property. If a
pair of husband and wife have four houses in joint name
comprising three residential house and last one is
commercial property. Now question is that if they sold all
property for Rs. 1.00 Crore and took a new residential
property for Rs. 1.25 Crore. So are they eligible to full
tax exemption u/s 54 and 54 f and they had to not pay any
amount of Income tax? And they have also taken a Rs. 25.00
Lacs housing loan to invest the last one. So are they can
take deduction u/s 24B and 80C as well?
Please note that they have all property in joint name and
share is 50% of each. Please guide me for this.