TDS

Firstly son cannot use the TDS of mother to settle his tax dues as the PAN mentioned in TDS deduction would be of mother and tax department would not provide credit of such TDS to son even if he claims the same in his return.

Secondly since mom has earned capital gain income she will have to pay tax on same..she might be having TDS deducted to reduce tax liability. Instead of distributing entire income she should have invested the amount to claim some exemption so that tax liability would have been reduced. After the investment mature she should have distributed.

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Thank you

No. In the given case mother will be liable to pay the taxes. If the sale consideration has been gifted to the children it will be exempt from tax for the children.

You can connect with me for further clarity.

Regards,

Nikhil.

Dear Sir,

Hope you are doing well !

No, it is not possible. Your mother will be liable for tax liability.

Thanks & Regards,

Payal Chhajed

Answer for TDS-

Son cannot utilise the mother's TDS for settlement of his own tax liability because TDS can be utilised by the assesse in whose name it is paid for. In your case the TDS will be reflected in the mothers name and the details can be viewed in the mothres prefilled details of her ITR.

Son can pay his Tax liability and can claim refund on Mother's TDS.

Answer to- who is liable to pay tax on LTCG

LTCG tax is liable to be paid by the assesse who incurred the Gain. Mother got the LTCG , so she has to pay the tax even though she has distributed the entire consideration to her children.

Hi,

- TDS can be utilized by the assessee who has shown corresponding income in the ITR. Only in case of clubbing, one can utilize TDS deducted in the hands of transferre.

- LTCG was generated in the hands of your mother therefore she is laible to pay tax on such gain and claim corresponding TDS credit in her ITR. Consideration was distributed after generation of LTCG.

Thanks

Hi,

Mother will be liable to pay capital gain tax and get refund of excess TDS, if any.

Son can't utilise the TDS deducted in mother's name in this case.

In this case Mother will be liable to pay. Both .other and children are seperare legal entity.

No mother has to complied with Tax rules

There are no provisions under the income-tax law, whereby one person can utilize the taxes paid for other. Taxes are now deducted against every assessee and his PAN is the unique identification. When a person has deducted taxes on someones behalf they are deposited against the respective PAN and against the income paid to the other person.

While even if the son decides to utilize the taxes of his mother, the demand would arise against mothers PAN. Supposedly, the mothers income is not taxable and taxes are deducted, she can file a return and claim refund.

Mother will be liable to pay LTCG

Hi

Mother shall be liable to pay the capital gain taxes.

TDS credit shall be claimed by the mother to offset capital gains tax liability.

Dear Sir,

Mother will be liable to pay LTCG.

Son can not utilize the tds deducted in mother's name.