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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Eway bill for machinery reparing
- Under construction property in ITR
- Gift of mutual fund units to daughter
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
