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TDS CRDIT TO BE CLAIMED IN CASE OF LONG TERM CAPITAL GAIN

This query is : Resolved 
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(Querist)
16 May 2024 AY 2017-18
Head: Capital Gain out of Long term residential property
No exemption availed, straight forward tax to be paid
Seller: (1) Mrs. J (75% share) mother
(2) Ms. N (25% share) daughter
Buyer: (1) Mrs. R (100% share)

Case summary: (i) capital gain has been rightly shown in Mrs. J (75%) and Ms. N (25%)
(ii) TDS credit has been claimed accordingly of 75% and 25% in both
(iii) But, buyer Mrs. R has deposited 100% TDS credit on the PAN of Ms. N only. Hence all the 100% credit is reflecting in 26AS of daughter Ms. N

Problem: (i) As we have claimed 75% tds credit in Mrs. J there is a shortfall credit of 75% in Mrs. J
(ii) As we have claimed only 25% credit in Ms. N there is an Excess credit of 75% in Ms. N

Return status: (i) As on 14/05/2024 rectification order has been passed by local AO where Mrs. J has not been provided with any credit of 75% as there is no credit reflecting in 26AS of mother Ms. N

Query: What would be the way that Mrs. J can get the credit which is excess in Ms.N?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 May 2024 Ask Mrs R to correct 26AS TDS return filed.
After correction file rectification under section 154 under tax credit mismatch.
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