You can adjust the amount payable to builder. Because builder can get the credit of same while filling he income tax return. This is the most practical step.
Paid the tds for property twice
Hello Sir/Madam, I purchased the property in 2016 and was paying installments to builder and deducting 1% TDS for every installment. For my full and final settlement with the builder I paid the TDS again on the property value instead of deducting TDS for the remaining amount that I paid to builder. Take this example: Property value: 7900000 Total money paid to builder: 700000 TDS paid: 70000 Remaining amount to builder: 900000 TDS paid: 79000 which is wrong. Correct TDS amount: 9000 Hope it is clear. What should I do in this case. Please help
Asked 5 years ago in Property Tax
Currently there is no easy or proper way to get back the TDS the only way to get it back is to ask the builder the payback the excess TDS to you.
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Thank you
- File the correction form in Form 26QB and then file the refund form i.e. Form 26B. The entire process is online. I may assist you in the same and will guide you what documents to submit to the department.
Please call me for further assistance.
Hello,
You need to adjust the excess TDS against the payment to the builder. The builder would be getting the extra TDS credit in his Form 26AS.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Dear Sir,
Hope you are doing well !!
You need to file correction form in Form 26QB and claim the refund of excess tds paid in form 26B.
We may assist you in entire procedure.
It is advisable to take a phone consultation for detailed discussion.
You can discuss the matter with the builder and explain. If he is agreement, ask him to claim the additional TDS in his income-tax return filing. YOu can remit him the funds after reducing the TDS amount. This in my view is the best option.
Other option is to write to TDS officer and claim refund. This would be complicated affair
Hi
You can file form 26QB as correction form.& Claim the refund in form 26B.
Hi
Ideally it is a case of short deduction of TDS. If you had paid 70 lacs to the builder, the gross amount payable was 70,70,707/- (reverse calculation) and TDS to be paid was 70,707.
TDS less paid = 707.
There is no need to revise the form.
Adjust the payments and TDS in final installment. Pay the due TDS now along with interest. (Interest amount is not a big amount in this case)
We may discuss the issue in detail and assist in final calculation and filings.
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