26 QB and TDS mismatch (Unsolvable) -

This query is : Resolved

Ravinder Sethi (Querist)
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14 July 2024 I paid the last installment of 15L for 84L property. While filing 26QB
Chose last installment
I wrote in the installment -15L (Previous paid 69L)
Total consideration -84L
Stamp value -1.1 Cr

I paid 1.1L TDS via Challan (calculation based on cricle rate). Builder was paid 14L
My TDS was deduced as 1L based on circle rate but 16B only show 40k and 70k I can see as unclaimed

Pls advise
I understand I might have to amend 26QB
Should I put as Lumpsum 84 and Circle rate 1.1 Cr. I don't recall last set of TDS payments as was done 10 years back. Risk is that IT might to me as actually have not paid 84L but only 15L

Pls urgently help as am clueless

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 July 2024 If you can rectify the form 26QB, the final values required to be mentioned as 15L & circle value as 41 L....

Ravinder Sethi

Ravinder Sethi (Querist)
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14 July 2024 sir, But that will consider TDS as 41000 based on 41L circle value. If you could kindly elaborate sir, am very grateful
I want to ensure my 16B reflects 1.1L which I actually paid as TDS and had deducted from payment to builder

In what you suggested I might have to seek refund (as I already paid 1.1 Lakh) which I understand is very cumbersome. What if I show whole amount as lumpsum

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 July 2024 As you have paid last installment of 15 lakhs, it implies that remaining 69 lakhs were already paid. It also suggests that you had already deducted 69,000 TDS earlier isn't it?

Ravinder Sethi

Ravinder Sethi (Querist)
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14 July 2024 You are absolutely right. the challenge is last payments/installments (Prior to the 15L Installment) were made by parents more than 10 years back as matter was in court due to builder default, and we dont recall TDS payment.

Since I have already deducted 1L from payment to builder and submitted in TDS, I want 16B to be reflected correctly to show 1 Lakh and not 30k. if I amend 26QB as lumpsum, will 16B be correct to show 1 Lakh. i want to avoid taking a refund from Traces and additionally pay more to the builder (will have to pay 60k Inr).

While not exactly by the book, is there a serious risk with the approach. Can IT department come to me

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 July 2024 As such no, as the earlier installment are not in records, and the TDS deduction was not applicable then. So you can rectify it to lumpsum. It will rather match with the circle rate.