Tds on purchase of immovable property - please help
This query is : Open
17 May 2016
Dear Expert
While purchasing a property more than 50 lakhs, I by mistake made the full payment to the seller. I deposited the TDS amount on my own after few months as the seller is not ready to refund the tax portion and he is not ready for any deduction.
After making the payment on my own, i filed Form 26QB. However i have receieved a demand notice for Rs 1 lakh for delay in filing form 26QB. TDS was borne by me which was already a burden, should i pay the penalty also.
Please help what should be done now.
While purchasing a property more than 50 lakhs, I by mistake made the full payment to the seller. I deposited the TDS amount on my own after few months as the seller is not ready to refund the tax portion and he is not ready for any deduction.
After making the payment on my own, i filed Form 26QB. However i have receieved a demand notice for Rs 1 lakh for delay in filing form 26QB. TDS was borne by me which was already a burden, should i pay the penalty also.
Please help what should be done now.
ABHIMANYU JHAMBA
(Expert)
17 May 2016
You will have to file a reply to the demand notice and comply with it. Narrate all the facts to the Assessing Officer and take the plea of bonafide belief. The tax officer may waive the penalty.
Abhimanyu Jhamba
CA/ Advocate 9218999999
Abhimanyu Jhamba
CA/ Advocate 9218999999
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