An ITAT Delhi order gave relief to a property seller who lost Rs 21 lakh TDS because the buyer deposited it in the wrong tax year. The Income Tax Department denied the credit, but the tribunal held that capital gains are taxed in the year of transfer and allowed the seller to claim credit using Form 71.
The New Delhi Municipal Council is overhauling property taxation by replacing the old rateable value approach with the Unit Area Method. NDMC says the new system will be more fair and predictable, helping homeowners estimate and verify their tax liability with greater transparency. The change is aimed at reducing subjectivity and making tax calculations easier to understand.
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