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Tds on sale of property as per 26qb

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Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2016 Hi,
I had purchased property with the agreement value of Rs 50 lacs, but I forgot to deduct TDS while making payment to the seller. Now I have received the follow-up notice from the department. I need to know what are the ways where I can reply to the department for giving relaxation of penalty. I am ready to pay interest for Non deduction of TDS from the applicable date.

Thanks

Kajal Jain

Kajal Jain (Expert)
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13 October 2016 The only way is to talk to the assessing officer,because interest as well as penalty shall be levied.

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2016 I have already paid full sale consideration to the seller. What if the seller has declared the same in his return in that AY. Thanks for your reply.

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