My father and mother (joint) has recently bought a property of value 52 lakhs. I have submitted 52/2 = 26 lakh, 1% of 26 lakh TDS from fathers account ie 26k and same from the mother account. (I did this three days ago)
Today morning they both received notice from IT that an amount of 5 lakh is to be paid by each of them. ie total 10 lakh. And it's mentioned that it's related to the statement 26QB which I filed 3 days ago.
16 January 2024
I learned that it was because the PAN card of the seller was not linked. And in this case, a TDS of 20% should be deducted. But the deal has been done now and we have already transferred 99% of the amount and 1% TDS to the government. Please help how can this be rectified?
CAclubindia
