Entry in ITR for TDS deducted on Purchase of Property

TDS 1931 views 5 replies

Hi,

I purchased apartment in FY 2022-23 and deducted 1% of the payment and paid it as TDS to Tax department. I paid remaining 99% of the amount to the Seller. TDS Amount is shown in FY 2022-23 TIS in "Information Category - Purchase of immovable property" Table with Descripttion column containing Section 194IA. Also it turns up in FY 2022-23 26AS form under PART-VIII with PAN of the Deductee  as PAN of the Seller. My CA thinks TDS is paid wrong i.e. TDS was deducted for myself as opposed to for the Seller and wants to claim the TDS as refund in my IT return. His reasoning is just because TDS entry turned up in my TIS/AIS statements that means it was deducted on my behalf.

I don't think the amount should be refunded to me and TDS was paid correctly as 26AS form under PART-VIII has  PAN of the Deductee  as PAN of the seller.

I have the following questions on this.

1. Is my CA correct that I should claim this as my own TDS?

2. Assuming TDS was paid correctly, do I have to mention this TDS amount anywhere in my (buyer's) IT return? My understanding is this TDS amount is entered only in Seller's IT return and nothing about this need to mentioned in my IT return.

Thanks

Replies (5)
1) You have to issue from 16B TDS certificate to seller for deduction of TDS, check certificate issued or not from your CA.
2) seller will claim TDS while filling ITR .

Just  take  Opinion  of  other CA  also  , regarding  correctness in above case . 

1. No. He is mistaken.

2. Your assumption is correct.

Thank you for your quick response

You are welcome.             


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