TDS refund for a cancelled sale deed

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This query is : Resolved

Quick Summary

If you've paid TDS for a property purchase that was subsequently cancelled, you can claim a refund. The TRACES portal may show an error regarding available challan amounts. To resolve this, you'll likely need to revise your TDS return and cancel the payment made to the seller. This involves using the 'Request for correction' feature on TRACES, setting the paid amount and property value to zero, and providing necessary details.

Anguraj

Anguraj (Querist)

26 July 2024 Hi all
I am an individual and paid the TDS for buying a property. Unfortunately, the sale was cancelled. Now I went to TRACES and tried to submit the refund under statement - raise a refund -> refund due to cancellation.

After I fill all the challan details, I get the below error "Refund request can be submitted for OLTAS challan (s) where available amount in challan is equal to or greater than ₹1."

I read in the forum that we need to revise the corresponding TDS return and cancel the payment made to seller.

Can you please advise, the steps to revise the TDS and cancel the payment to seller?
Do I need to do this
go to statement -> Request for correction - > provide challan details -> go to correction request and make the amount paid and property value as zero? if yes what should I mention for other details like property and seller etc.,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

26 July 2024 https://taxguru.in/income-tax/e-tutorial-request-26qb-refund.html

Anguraj

Anguraj (Querist)

26 July 2024 Thank you.
I followed by buy I am getting the error Refund request can be submitted for OLTAS challan (s) where available amount in challan is equal to or greater than ₹1.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

26 July 2024 Contact Helpline with screenshot

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