How to claim excess tds paid u/s 194 ia

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Soumya Soman (Querist)
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21 June 2014 One of our client sold his flat and deducted TDS u/s 194IA from Buyer of Rs.5000, but while making the paying he accidentally paid Rs.5,00,000 through online payment (FORM 26QB). Kindly guide us on how to claim refund of excess TDS paid. He is not a deductor, hence there is no TAN.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 June 2014 1. the seller can claim credit for Rs 500000 and you can ask him to refund the excess tax paid by you. By the way which property attracts Rs 5000 as 194-IA? the minimum tds under 1940-IA is Rs 50000!

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Rupesh Jain

Rupesh Jain (Expert)
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28 June 2014 u/s 194IA tds will applicable if your property value is 50 lacs or more .

pls give full detail.

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Soumya Soman

Soumya Soman (Querist)
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10 July 2014 Thank you Nikhil and Rupesh for the reply. The above given was an example as I didn't wanted to reveal exact details of the client. The value of the property was above 50lacs.

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