Didnt deduct tds during property purchase - please guide me on way out

Gopi Chodimella (16 Points)

15 March 2019  

Dear Experts,

Thanks in advance to many of you out there who are guiding people like us with their valuable suggestions.

I sold one Plot in Oct 2018 and purchased a Flat in Dec 2018. I have reinvested the entire transaction in the New Flat. However, I forgot to deduct the TDS from the Purchase Value and paid the entire amount to the Seller.

 

It is evident that I made high value transactions during the Financial Year based on the Text I received from Income Tax Dept based on my Sale of Plot or Bank transactions, which is expected anyways. However my questions are :

1. What are the consequences of not deducting the TDS?

2. Registration of new Flat happened in Dec 2018. Can I pay the TDS now and get the refund from the Seller?

3. What happens if I dont do anything now, but show my deal in Black & White during the Income Tax Filing?

4. What will be the penalty for this mistake?

 

Any guidance would be highly appreciated as I am worried that we have very few days left for FY end. BTW - I realized this miss just today and hence posting this query in this Forum. Please guide.

 

Thanks,

Gopi