Carry forward of tds on property

I enterred into an agreement to sell the property in Mar 2015 and received advance for the same. TDS of Rs. X was deducted on Advance

The balance amount was received in June 2015 when the property was registered. TDS of Rs. Y was deducted on Balance amount as well

 

For AY 15-16: I carried forward the amount of TDS of Rs. X to the next AY as the property was sold in next AY. The ITR got accepted

For AY 16-17: I showed this transaction of sale and also disclosed the Capital Gains thereon. TDS claimed = Rs. X + Rs. Y

 

However, I have received a notice for Mis-match of TDS as it does not tally with the Form 26AS of that year. They didnt consider the brought forward TDS but only considered the TDS Deducted for that year.

What should I do in this case?

Replies (4)

"For AY 16-17: I showed this transaction of sale and also disclosed the Capital Gains thereon. TDS claimed = Rs. X + Rs. Y"
 

Yes, for AY 2016-17, you have to claim only amount Y. X remains credited, need not be claimed again in  AY 2016-17.

AGREE WITH ABOVE

The amount recevied in the A.Y 2015-16 as advance shall be considered as part consideration of property which the assessee recevied. While filing the return for the A.Y 2015-16, assessee considered the cost and advance recevied on propotionate basis and calculate capital gain for the same. And also claim the TDS of Rs.X

in A.y 2016-17, also shown capital gain on balance amount..less proportionate cost..and claim TDS of Rs. Y amount.

A.Y 2015-16

sale consideration      Rs. P

less: cost * P/total consideration

(further indexation  also apply if long term)

the amount is capital gain and claim TDS  of Rs. X.

 

A.Y 2016-17

sale consideration   Rs. Q

less: cost * Q/Total consideration

(Further indexation also apply if long term)

the  amount is capital gain and claim TDS  of Rs.Y also

Note:-

Total consideration is Rs. P + Rs. Q

 

 

On splitting the sale consideration amount in 2 parts for different AY will this be valid since final sale deed was of a date in AY 2016-17 ?

 

 

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