TDS Refund on Cancelled Property Purchase
This query is : Resolved
15 October 2024
I had purchased a flat and paid the required TDS. Afterwards, I filed Form 26QB and generated Form 16B. Unfortunately, due to unforeseen circumstances, I had to cancel the flat. Now, I'm trying to get a refund for the TDS amount I paid.
The developer can see the TDS against my PAN in Form 26AS but cannot claim or refund the amount from their side. Since a new buyer will also be paying TDS for the same property, it could lead to discrepancies in the developer's Income Tax Return (ITR). The developer assured me they would not claim the TDS I paid.
Is there any official process or way I can get a refund for the TDS amount paid, considering that Forms 26QB and 16B have already been filed? Any guidance would be greatly appreciated.
The developer can see the TDS against my PAN in Form 26AS but cannot claim or refund the amount from their side. Since a new buyer will also be paying TDS for the same property, it could lead to discrepancies in the developer's Income Tax Return (ITR). The developer assured me they would not claim the TDS I paid.
Is there any official process or way I can get a refund for the TDS amount paid, considering that Forms 26QB and 16B have already been filed? Any guidance would be greatly appreciated.
16 October 2024
Refer: https://taxguru.in/income-tax/e-tutorial-request-26qb-refund.html
27 October 2024
Thank you for your response. I spoke with my CA regarding this matter, and he mentioned that the challan has been fully consumed, which means we cannot apply for a refund of the 1% TDS paid to the government on behalf of the developer.
Could you please advise if there is any other way to reclaim this TDS?
Could you please advise if there is any other way to reclaim this TDS?
27 October 2024
As builder has utilized the TDS amount, he is liable to pay back the amount. Ask your CA to get it back from the builder.
Message likes :
1 times
27 October 2024
Thank you for your guidance. I spoke with the builder, and the builder’s CA mentioned that we cannot claim the TDS paid on the cancelled property, as the new buyer will also pay TDS for the same flat, which could potentially raise queries with the authorities. Nevertheless, I will request that they proceed with the TDS claim and provide a full refund for the TDS paid on the cancelled property. Thank you once again.
Message likes :
1 times
27 October 2024
Wish you good luck...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- GST Reverse
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- RCM and FCM
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- Director payment
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Refund of 20%pre-deposit paid for stay application
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
