Dear Sir/Madam,
I have payed 1CR so far in multiple installments and kept payinf TDS for every installment, for the final payment of 13 Lakhs.
I have an issue and need help.
While filling the form 26QB I selected the following
Approach 1:
- Payment type: "Installment"
- Last Installment - YES
- Total credited so far/already payment made (A): "1 CR"
- Amount paid currently (B): 13 L
- Total Stamp Duty of the poperty: (If Put 13 L) I get Error: "Difference btw A + B +C is greater than 20%"
- Total Stamp Duty of the poperty: (If I put 1.13CR total value of the propoerty) I get TDS on which amount to be paid "1.13CR" and its not editable filed.
The question is if I go ahead and pay TDS amount of 13000Rs, while the system says TDS on which amount paid is 1.13CR, I'll get Short notice as its auto generated message and I have to deal with it at the TDS office. (I got a short notice for the similar incident where I ignored and payed less that what was shown in the "Amount on which TDS needs to paid, the only difference was it was not a final payment, so I selected final payment: No")
Need your advice please ?
Approach 2:
From the earlier posts in the caclibindia, there was suggestion to use payment type as "Lumpsum"
I select the following in form 26QB.
- payment type as "Lumpsump",
- amount credited will be "13L",
- stamp Duty: 13L"
- Amount on which TDS to be deducted: "13L" <--Automatically populated and un editable.
- Pay 13000Rs TDS.
Sir/Madam two questions:
- Approach 2 is that correct ? and do seller/buyer have any isuues while registering the property or any other timplications that I should be aware off ?
- Approach 1 - I stongly feel I'll short notice If I select this approach and pay TDS only for 13L (my final installment) - Is my suspicion correct
Any thing else you suggest sir/madam ? please advice.
Thanks
CAclubindia
