Flat Consideration Amount appearing as Income!

As per IT rules, I had paid 1% TDS on the Flat Consideration Amount which I bought last year. Example: Rs. 60,000 was paid as TDS for the flat cost installment of Rs 60,00,000. However this flat sale deed total amount (60L) has been added as an income on my AIS statement and pre-filled Income data for IT returns filing. Please note that this flat was purchased from my last 10years savings and is definitely not an income for me.

This means, suppose my salary is 10L, my current year total income on IT portal is appearing as 10+60 = 70 and an outstanding Income tax still pending on balance 60L (Tax Payable on this amount). This is appearing on the pre filled Income page on IT portal + my AIS. Could you please advise how to get this fixed? [I dont want to edit this manually because if Edited income is lesser than pre filled Income I will definitely get a notice.

Replies (10)
Quick Summary
A user has encountered an issue where the TDS paid on a flat purchase is being incorrectly shown as income on their AIS statement and pre-filled IT return data. This inflates their total income, leading to potential tax liabilities on non-income. The user is seeking advice on how to rectify this error without manually editing the return, which could trigger an IT notice. Suggestions include providing feedback on the AIS report, with options like 'Information is not fully correct' or 'Transfer not in the nature of sale' being discussed, alongside potential form 26QB data entry errors.

You need to give feedback to AIS report.

Follow the steps as below:

https://economictimes.indiatimes.com/wealth/tax/how-to-get-errors-in-annual-information-statement-corrected/articleshow/87731142.cms

 

Thank you Dhirajlal Sir. I tried doing that earlier but I see limited options in my dropdown:

 

 

Thanks for the link, I can see that B or C are the best options for me. Given I can see only A, D,E,F,G - woud you know what best can i select?

a) Information is correct
b) Transfer not in the nature of sale
c) Income is not taxable

d) Information is not fully correct
e) Information relates to other PAN/Year
f) Information is duplicate/included in other information
g) Information is denied

 

'Information is not fully correct'

Transfer not in nature of sale in my view as same is purchase
I think, while filling form 26QB, you might have interchanged seller and purchaser details. it's just a guess.. please check it once and if everything is correct in form 26QB, then follow the suggestions given by Mr Dhiraj sir and rashmi ma'am
It's an error I m facing in all my cases

Thank you Rashmi Ji for your reply. For now I have given feedback as "Income applies to Other PAN" and have given PAN details of Builder for the same. Want to know your expert view on how are you approaching it for your cases?

Rama Krishnan Ji: No sir, All details are correct from my side.
Thanks everyone for your time.

I just show transfer not in nature of sale

Thanks Rashmi ji. Not sure why I dont see all the options. I have attached the screenshot in my previous reply - I can see only 5 options in the dropdown. 

.

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