Flat Consideration Amount appearing as Income!

ITR 252 views 10 replies

Abhishek Sinha

24 Points Joined July 2022

As per IT rules, I had paid 1% TDS on the Flat Consideration Amount which I bought last year. Example: Rs. 60,000 was paid as TDS for the flat cost installment of Rs 60,00,000. However this flat sale deed total amount (60L) has been added as an income on my AIS statement and pre-filled Income data for IT returns filing. Please note that this flat was purchased from my last 10years savings and is definitely not an income for me.

This means, suppose my salary is 10L, my current year total income on IT portal is appearing as 10+60 = 70 and an outstanding Income tax still pending on balance 60L (Tax Payable on this amount). This is appearing on the pre filled Income page on IT portal + my AIS. Could you please advise how to get this fixed? [I dont want to edit this manually because if Edited income is lesser than pre filled Income I will definitely get a notice.

Replies (10)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208750 Points Joined July 2016

You need to give feedback to AIS report.

Follow the steps as below:

https://economictimes.indiatimes.com/wealth/tax/how-to-get-errors-in-annual-information-statement-corrected/articleshow/87731142.cms

Abhishek Sinha

24 Points Joined July 2022

Thank you Dhirajlal Sir. I tried doing that earlier but I see limited options in my dropdown:

Thanks for the link, I can see that B or C are the best options for me. Given I can see only A, D,E,F,G - woud you know what best can i select?

a) Information is correct
b) Transfer not in the nature of sale
c) Income is not taxable
d) Information is not fully correct
e) Information relates to other PAN/Year
f) Information is duplicate/included in other information
g) Information is denied

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208750 Points Joined July 2016

'Information is not fully correct'

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

Transfer not in nature of sale in my view as same is purchase

rama krishnan

12244 Points Joined May 2017

I think, while filling form 26QB, you might have interchanged seller and purchaser details. it's just a guess.. please check it once and if everything is correct in form 26QB, then follow the suggestions given by Mr Dhiraj sir and rashmi ma'am

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

It's an error I m facing in all my cases

Abhishek Sinha

24 Points Joined July 2022

Thank you Rashmi Ji for your reply. For now I have given feedback as "Income applies to Other PAN" and have given PAN details of Builder for the same. Want to know your expert view on how are you approaching it for your cases?

Rama Krishnan Ji: No sir, All details are correct from my side.
Thanks everyone for your time.

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

I just show transfer not in nature of sale

Abhishek Sinha

24 Points Joined July 2022

Thanks Rashmi ji. Not sure why I dont see all the options. I have attached the screenshot in my previous reply - I can see only 5 options in the dropdown.