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Query in tds on sale of property

439 views 2 replies

Siddharth

Thinker

267 Points Joined July 2011

Hi, I sold my house and the buyer deducted tds of Rs. 105000. I immediately bought another house where tds I am supposed to deduct is Rs. 157000. My tax advisor is suggesting I should deduct 157000 and pay only the differential amount of Rs. 52000. Is this treatment correct? If not, what is the right thing and how can I claim deduction for the 105000? Pls help

Replies (2)

S. Shiroor

Others

1212 Points Joined July 2015

Please see your 26AS and verify whether the Buyer has really deposited the TDS .

Nowadays plenty of fraud is happening. The agreement should clearly state full amt and the component of TDS. Failure of paying TDS will lead to cancellaion of agreement -should be there in agreement.

Regarding Differential TDS - If you have deducted x amt then that amt should be paid.

Please note the beneficiary of both TDS are different. First TDS as a seller you are the beneficiary second TDS as buyer - the one who sells is the Beneficiary.

These two are seperate PAN nos. So full 157000 should be deducted and paid to Govt acc..