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How to claim TDS on Property tax paid as Seller

03 April 2024

Hi All.

I have sold a property in AS 2024-25 and buyer has deducted TDS and paid remaining amount. Please can someone guide me as to how I claim TDS back (since I have overpaid).

1. What documents do I need from the buyer ?

2. Does the buyer need to file eTDS ?

3. When can I file my return at the earliest ?

Thanks, Sidd

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15 Replies

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 03 April 2024

What is the responsibility of the person deducting tax at source?

A person who deducts TDS is responsible for the below:

Obtain the Tax Deduction Account Number and mention it in all the documents pertaining to TDS.
Deduct the TDS at the applicable rate.
Deposit the TDS amount with the Government within the specified due date.
File TDS returns within the specified due date.
Issue the TDS certificate to the payee within the specified due date.

TDS certificate must be issued to you 30 days from the date of transaction. Form 16a is applicable here.

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Yasaswi Gomes new (Finance ) (4514 Points)
Replied 03 April 2024

The due dates to issue certificates (16a) will be as follows

For first-quarter of 1^st April to 30^th June – 15^th August
For second-quarter of 1^st July to 30^th September – 15^th November
For third-quarter of 1^st October to 31^st December – 15^th February
For fourth-quarter of 1^st January to 31^st March – 15^th June

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 03 April 2024

You can check in AIS & it may be directly reflect in the tds column while you filling the Income Tax Return .

Siddharth Mishra (17 Points)
Replied 03 April 2024

Thanks all for the answers. However still a few questions

1. Do I need Form 16A and 16 B ? And do I need to process it ?

2. It is not reflected in my AIS

The property was sold in Feb 2024.

Unfortunately I am still not clear, how it is to be claimed through the ITR process

Thanks

Sidd

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 03 April 2024

Once the seller filled the tds return it will automatically reflect in your AIS .

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Siddharth Mishra (17 Points)
Replied 03 April 2024

Thanks Narendra - I am the seller in this instance.

Did you mean the buyer - if so is it eTDS they have to file ? Buyer is saying they dont need to file eTDS

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 03 April 2024

Originally posted by : Siddharth Mishra
	Thanks Narendra - I am the seller in this instance. Did you mean the buyer - if so is it eTDS they have to file ? Buyer is saying they dont need to file eTDS

Yes you are right ....this is my mistake...................

Siddharth Mishra (17 Points)
Replied 03 April 2024

So to clarify :

1. What documents does the Buyer need to provide to me (seller) ?

I just have challan receipt paid by the buyer

2. When I file ITS which section do I claim the TDS amount back in ?

3. Do I need to wait for buyer to file TDS before I can do so ?

Thanks, Sidd

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 04 April 2024

Hi Sidd,

This following things have to be done:

The seller must provide its PAN number to the buyer.
The buyer will have to fill up the ITR form online and submit it to the Income Tax Department for the TDS.
The seller should verify that the buyer has deposited the tax amount and it is reflected in the form 26AS Annual Tax Statement.
Get the form 16B, which is the certificate for paying the TDS.
E-verify your application and sign it digitally using Aadhaar based OTP or net banking.
The Income Tax Department will send you an email to your registered email address to acknowledge and refund the TDS.
You can check the TDS refund status onhttps://incometaxindiaefiling.gov.in/

I hope this clarifies how to claim TDS on sale of property.

Siddharth Mishra (17 Points)
Replied 04 April 2024

Thanks Narendra. Thats very helpful.

However (correct me if I got it wrong)

Note - TDS was paid in Feb through online Challan and Seller (thats me) had provided PAN

1. Seller (thats me) has to wait for buyer to file for TDS online before form 16B can be generated ?

2. Seller can only claim TDS paid after 16B has been provided and amount reflected in the form 26AS ?

I would really appreciate a response as this would provide complete clarity.

thanks.

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NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 04 April 2024

) Welcome Sidd

1.Yes, the buyer should give you Form 16B,

2. & yes , though the new form will also generate on that time when you try to fill your I.T.Return .

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 04 April 2024

) Welcome Sidd

1.Yes, the buyer should give you Form 16B,

2. & yes , though the new form will also generate on that time when you try to fill your I.T.Return .

Bindu (CA Final Student) (112 Points)
Replied 10 April 2024

If it is not reflecting in AIS then it means buyer has not filed TDS Return. Kindly follow up with the buyer for issuance of Form 16B.

Siddharth Mishra (17 Points)
Replied 17 May 2024

Hi All.

Sorry for revisiting the thread - however please can you guide me on

1. When Buyer files eTDS which section will they need to fill-in to reflect the TDS amount paid and add my (seller) PAN details so that it is reflected in my AIS ?

2. Buyer paid TDS by deducting money from sale amount and paid it on eportal (pg6 OTHER SUMS SECTION 195) and downloaded the challan. After that how can buyer file 26QB without making re-payment.

Kindly help.

Thank you