Wrong information filed in 26 BQ while filling TDS

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This query is : Resolved

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A property buyer mistakenly included payments made to the first owner in the 'total previous payment' section of multiple Form 26QB filings, even though TDS was already deducted on those amounts. The buyer is seeking advice on how to rectify this error, especially since Form 16B has already been generated. The advice given is not to re-add previously deducted TDS amounts when making subsequent payments to the builder.

Neeraj Rastogi

Neeraj Rastogi (Querist)
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06 July 2024 Dear sir, I bought one flat from the builder under construction (multi story). I am the second owner and builder transfer flat in my name. I paid the whole amount to1st buyer after deducting the 1% TDS.

After then, while filling each 26QB, I had mention in "total previous payment paid to builder" column, the amount I paid to 1st owner along with my part had paid to builder.

In every 26QB form during the payment, I made same mistake. form 16 B also generated. I need your suggestion what should I do. but whatever the amount I paid to builder, I deduct 1% TDS.
Regards,
Neeraj Rastogi
Noida

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 July 2024 Who will sign the document? Builder or first purchaser?

Neeraj Rastogi

Neeraj Rastogi (Querist)
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21 July 2024 Actually the (A)amount paid by the 1st buyer to builder. I had paid to 1st buyer and deduct the tds and deposited to govt. And give tranfer charges to the builder to tranfer the property in my name. We both buyer 1st and me signed and endossed the document in my name.

After it i have to pay the balance payment to builder only as per the BBA and have to deduct the Tds on it.

While giving payment in installments to biilder shall I add payment to 1st buyer'A' and payment to builder in previous payment credit to seller in 26 QB.
Regards.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 July 2024 No. If you had already deducted TDS for the earlier payments, no need to add the same when paying the balance amount.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 August 2024 Good luck.

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