Sage-Tips

How can I get refund of buyer deducted TDS?

Yes, TDS on property is refundable. At the time of sale of property, buyer is required to deduct TDS on property and deposit the same with the government. But, the seller is allowed to avail credit of the same or claim TDS refund by filing his ITR.

Who will pay TDS buyer or seller?

TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh. For example, if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount–that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.

What if buyer does not pay TDS?

The penalty of not paying TDS on immovable property can be up to Rs. 1 lakh under Section 271H. To avoid penalty, you can pay the TDS, interest amount and late payment fee as soon as you receive a tax notice.

What if buyer does not give Form 16B?

Form 16B TDS is mandatory in India, and its non-issuance leads to a penalty. A penalty of Rs. 100/day is incurred for the same. It must be noted, the deductor has to furnish this form to the concerned payee within 15 days calculated from the due date to furnish challan-cum statement in Form 26QB.

Can form 26QB be Cancelled?

Status of Form 26QB Correction Cancelled: Status would be displayed as cancelled if the request is cancelled by the buyer before approval/processing.

How can I get refund from form 26QB?

Pictorial Guide of “26QB Refund Request” Step 1 : Login to TRACES website with User ID, Password and the Verification code. Step 2: Click on “Request for Refund” under “Statements / Forms” tab. Step 3: Before submitting the refund request go through the checklist and click on “Proceed”.

How can I fill 26QB If more than one buyer?

Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.

How do I correct my form 26QB?

How to file for Form 26QB Correction?

1. Login on the TRACES Website as a taxpayer.
2. Select option “Online Correction” under “26QB” tab to initiate correction request.
3. Update the details which are required to be revised.
4. Select the option to verify the request either through Netbanking/ Digital Signature/AO Approval.

How do I file 26QB in case of joint buyer?

How can I pay TDS for flat purchase?

Income Tax Department

1. Go to TIN NSDL website​ ( www.tin-nsdl.com ).​
2. Under ‘TDS on sale of property’, click on “Online form for furnishing TDS on property (Form 26QB)”
3. Select the applicable challan as “TDS on Sale of Property”.
4. Fill the complete form as applicable.

How can I get TDS certificate for 26QB?

Generating Form 26QB

1. Go to TIN NSDL website​
2. Under ‘TDS on sale of property’, click on “Online form for furnishing TDS on property (Form 26QB)” or click here.
3. Select the applicable challan as “TDS on Sale of Property”.
4. Fill the completed form with the following details:
5. Submit the duly filled form to proceed.

Can buyer claim refund of TDS on property deducted?

Who can claim a refund of TDS on sale of property? Only the deductee (Seller) can claim for a refund of TDS not the deductor (Buyer). So the credit of the taxes is allowed to the deductee only.

Who needs to file TDs return in form 26qb?

The buyer of property needs to file TDS Return in Form 26QB. TAN is not compulsory for the Buyer or Seller of the property. PAN of the buyer and PAN of the seller is compulsory. TDS needs to be deposited along with Form 26QB. The buyer needs to issue a certificate of the same in Form 16B within 15 days from the date of filing of Form 26QB.

How to claim the TDS deducted by the buyer of property?

1. The TDS deducted by the buyer shall reflect in your form 26AS and that is sufficient proof to claim refund. The refund can be claimed after filing the tax return. Since the property was sold in this financial year, the tax return shall be filed next year. 2. You do not need his PAN and Adhaar card as such.

How to file TDs on sale of property in India?

Under ‘TDS on sale of property’, click on “Online form for furnishing TDS on property (Form 26QB)” Select the applicable challan as “TDS on Sale of Property”. Fill the complete form as applicable.

Is TDs and Tan compulsory for buying a property?

TAN is not compulsory for the Buyer or Seller of the property. PAN of the buyer and PAN of the seller is compulsory. TDS needs to be deposited along with Form 26QB. The buyer needs to issue a certificate of the same in Form 16B within 15 days from the date of filing of Form 26QB.