TDS Refund in the case of a cancelled property deal

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Shalet Babu (Querist)
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22 May 2023 When a sale of property is cancelled for which an advance amount was already given and the TDS corresponding to that amount also paid, should the 26QB be corrected first before applying for the TDS refund?

Shalet Babu

Shalet Babu (Querist)
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22 May 2023 Or is it enough that the challan for which the TDS refund is claimed remains Unclaimed or Matched?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 May 2023 In case of cancellation of deed, buyer needs to raise 26QB refund request from TRACES website.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 May 2023 In case of refund of TDS for Form 26QB, the buyer/deductor has to log-in to TRACES portal as a ‘Taxpayer’.

Step 1: Log in to TRACES – Enter User Id, Password, PAN and captcha

Step 2: Navigate to Statements / Forms > Request for Refund.

Step 3: Read the Refund Checklist and click on Proceed

Step 4: Select one of the reasons and click on ‘Add Challan‘

Step 5: Mention the reason for raising the refund request in the space provided.

Step 6: Enter the challan details. Click on ‘View Challan Details’

Step 7: Click the Challan Consumption Details

Step 8: Tick the appropriate checkbox and click on ‘I Agree‘

On the landing page, One can Add Challan or Remove the Added Challan.

Step 9: Click on 'Proceed' to continue.

Step 10: Enter the Communication Address and Bank Address

Step 11: Verify the details of Authorised Person. Click on 'Proceed' to continue.

Step 12: On next page, Click on ‘Submit Refund Request‘

Step 13: Validate 26QB Refund Request with DSC. Click on 'Proceed' to continue.

Success message will be displayed on the screen. One can Preview and Print Form 26B Acknowledgment.

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Shalet Babu

Shalet Babu (Querist)
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22 May 2023 If already 26QB had been filed, without correcting that, can I claim Refund? Or correcting my 26QB and making the total property value as Rs. 0 (since the deal is cancelled) is mandatory? Should I submit the corrected 26QB to the Income Tax Department along with the other supporting documents for Refund?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 May 2023 No need to correct the return, file refund claim directly.

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