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Excess payment made for tds on property purchase

TDS / TCS 220 views 3 replies

Dear All,

This week, I purchase a property in Mumbai from 5 equal shareholders.

In September 2018, I had paid a token amount of Rs. 100,000/- to one of the shareholders. Yesterday, While paying 1%  TDS for the token amount, I erroneously paid Rs, 1,00,000/- (excess of Rs. 99,000/-) instead of Rs. 1,000/-.

My query is:

  1. will I get a refund of Rs. 99,000/-? And if yes, can you please guide me on the procedure to claim the refund?
  2. If no, then what happens to my excess money of Rs. 99,000/-

Seeking your expert advise.

Best,

Shriram N

Replies (3)

The entire amount will go as credit to the seller, so you can adjust it towards the final payment.

Thanks, Ashok for your inputs.

Hope other experts also agree with Ashok's inputs

Agree with Ashok Sir. The seller will get the credit of excess Rs. 99000, so you can adjust the same while paying the amount to him


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