Hi All,
I have one query. One of my client (resident) sale of house property which is more than 50 lac, it was tds deducted 1% by buyer in fy 2021-22. While selling it was long term capital loss. Same also I was filling in ITR 2. Claimed the TDS deduction, but I checked intimation calculation is OK but tds paid column is mismatching. Evenif that tds paid amount is reflecting in 26AS.
pls guide me what to do in this case
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TDS 194 IA refund for long term capital loss
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Quick Summary
File rectification request u/s. 154 IT act.
Sir 26AS payment figure is sale value where 1% tds deducted, but in ITR ltcg income schedule loss I declared, I checked its income mismatching so pls guide me what I have to do?
Even if for loss on the sale of property TDS would be deducted by purchaser. You can file ITR and declare the loss. Department will check its authenticity, and refund the excess tax deducted, if any.
Refund of excess TDS for a seller with LTCG:
• If the buyer deducted 1% TDS under 194-IA on a property sale (over Rs 50 lakh), and your actual tax on LTCG (after exemptions like Sec 54) is lower, claim a refund by filing your ITR. Claim the TDS in Schedule TDS (it's in 26AS under 194-IA).
• The refund is processed after the ITR is processed, with interest under 244A.
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