TDS deposit on Sale of Property for Final Installment

This query is : Resolved

Quick Summary

A user sought clarification on calculating the Tax Deducted at Source (TDS) for the final instalment of a property sale. The primary confusion stemmed from the 'Amount on which TDS to be deducted' field in the IT portal, which was auto-populating with the total property value instead of the final instalment amount. After troubleshooting, it was identified as a technical glitch in the application. The advice given was to proceed with the initial calculation based on the total consideration, as the system prevented modification of the relevant fields. The user later confirmed that filing the TDS challan based on this advice was successful and processed without issues.

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 Dear Sir/ Madam,

Can I go ahead with the following details. The confusion is relating the value of "Amount on which TDS to be deducted". If you can kindly suggest.

Total Value of Consideration (Property Value) - 63,00,000/-
Payment type - Installment
Whether it is last installment ? - Yes
Total amount paid/ credited in previous installments, if any (A) - 58,00,000/-
Amount paid/credited currently (B) - 5,00,000/-
Total stamp duty value of the property (C) - 63,00,000/-
Amount on which TDS to be deducted (D) - 63,00,000/-
TDS Amount - 5,000/-

Thanks & Regards,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Whether TDS amount is auto populated as Rs. 5000/-?

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 Yes Sir, the TDS amount is auto populated but the same can be modified.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Check with value D as Rs. 5 lakhs.

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 No Sir, that part is freeze. We are not being able to modify that part.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Yes, then go ahead as per first stated values.

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 Dear Sir,

Thank you so much for your prompt responses!

It seems that there has been ongoing confusion regarding IT for quite some time. Last month, we handled a case for one of our clients who was purchasing property from PS Group. Even PS Group was unsure about the situation and chose not to take any risks. They advised us to proceed without making the final installment payment.

My question is, if we are making the TDS payment on the final installment, why is the total amount still being reflected as the full amount on which TDS is to be deducted? This seems inconsistent, and I’d appreciate if you can kindly any clarification can offer.

Looking forward to your insights. I need to deposit TDS on Monday.

Best regards,
Sandip

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Actually it is technical glitch in the app. It is being constantly changing the data, but not came to final stand. Hope it gets rectified to true values.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Earlier the value in column D & C were auto populated to 5 lakhs as per the final installment, but recently changed to the total consideration, which is already stated in the beginning, so the repetitions are confusing...

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 Okay Sir, I am going ahead as you have advised. Hope they will not raise any demand on the balance amount.

Thanks for the help!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 IF value C & D both are auto populated, which cannot be changed, then there is no other option. Retry if these both values can be changed to 5 lakhs !!!

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 Sir, we can put stamp duty value and it can be changed as per requirement but we can put the amount Rs. 5,00,000/-. The moment we are putting Rs. 5 lac a warning massage is displaying that "Warning : Difference between total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ and ‘Stamp Duty Value (C)’ is more than 20%".

And the "Amount on which TDS to be deducted (D)" is freeze, it can not be changed.

If you confirm then I can share with you the PAN and Password so that you can go through the challan I have saved as per E-Pay Tax.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Have you changed both values C & D to 5 lakhs each?

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 I tried but did not able to do that.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 If both the values (C & D) are not changeable simultaneously, go with first option itself. No problem anticipated.

SANDIP KUMAR

SANDIP KUMAR (Querist)
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27 September 2024 Okay Sir,
Thanks!!!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Good Luck...

SANDIP KUMAR

SANDIP KUMAR (Querist)
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03 October 2024 Dear Sir,

I hope this message finds you well. I wanted to take a moment to express my sincere gratitude for the thoughtful advice and good luck wishes you shared with me. Your insights have been incredibly valuable, and your support means a lot.

I have filed the TDS challan based on your advice, and I am pleased to inform you that it has been successfully processed by the department without any defaults.

Thank you once again for your kindness and encouragement. I truly appreciate it!

Warm Regards,
Sandip

Message likes : 2 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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03 October 2024 Thank God for the rays of light....
Let him bless all.............

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