TDS on Property

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This discussion addresses a common issue for NRIs purchasing property: the late filing of Form 26QB for TDS. The core problem is that filing now would allocate the credit to the original purchase year (2015), which might not be ideal for the builder. The consensus is that filing late incurs interest and penalties. However, a potential workaround involves obtaining a certificate from a Chartered Accountant confirming the builder already accounted for and paid tax on the income in 2015. This certificate could help mitigate issues if a notice for non-filing is received.

Drashti Kotecha

Drashti Kotecha (Querist)
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12 February 2021 Hello
One of my NRI Client have purchased property in 2015 . Not filed 26QB. If I now file 26QB credit will go in 2015 only. Is there any way that builder can get credit in current year.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 February 2021 Not a problem obtain a certificate from a CA that builder has considered the income on such sale in 2015 in his ITR and paid taxes.

Drashti Kotecha

Drashti Kotecha (Querist)
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13 February 2021 You mean to say in that scenario they might have paid taxes and so we dont need to file returns?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 February 2021 If you file return now interest and late filing fees payable. If you receive notice for non filing of 26QB obtain a certificate from CA.
You can't file in current date.

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