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Clarification of tds refund

Swaroop Prasad H S (Student CA IPC / IPCC) (49 Points)

08 July 2015

Hii guys,

I have a query regarding TDS refund( TDS on property). A property had been proposed for purchase and TDS for the same was paid.Later the proposal got cancelled.Now how do i get the refund for the paid TDS.

Is there an option for request of refund online for TDS on property

Thanks

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2 Replies

Prashant Gupta (Finance Professional ) (163 Points)
Replied 08 July 2015

Hi Swaroop,

As per your query, there could be two cases.

1. The buyer of the property deducted the TDS but has not still filed the TDS return with the government or deposited the TDS deducted to the government. So, in such case, you can get your TDS amount back as it is as the same has not been yet deposited with the government.

2. The second situation could be that the buyer of the property deducted the TDS and filed his TDS return and thus deposited the TDS deducted to the government. In such case, he will issue you Form 16B which will have all the relevent details such as total TDS deducted, TAN no. of TDS deductor, etc. The TDS amount deducted will also show in your Form 26AS as well, and so please verify it if the TDS amount deducted as mentioned in Form 16B matches with the amount mentioned in Form 26AS. So, once you will have Form 16B, you will be able to claim the TDS deducted in your Income Tax Return.

Hope this helps,

Prashant