Seller AIS showing full value of consideration 2 times making the property sale value double in TIS

The mistake was each buyer purchased the property worth 43 lakhs (i.e. the amount as value of property was not 86 lakhs but 43 lakhs in eaxh 26QB)

You may rectify the challans again.

So in each challan Full Value of consideration should be 43 lakhs instead of 86 lakhs? But as per filling rule they say full value of consideartion should be actual value of property irrespective of number of buyers.

@ Anuj Suryan

Why did you file 26QB for the sellers?

Should have been filed only for the buyers, who withheld TDS for paying to the Govt.

So in each challan Full Value of consideration should be 43 lakhs instead of 86 lakhs? But as per filling rule they say full value of consideartion should be actual value of property irrespective of number of buyers.

'Value of the property' for each buyer filing the form !!!

@ Anuj Suryan

You should file 26QB for 43000/- [1% of 43Lakh] for each buyer, total TDS 86000/-

That will show up the total transaction value as 86 Lakh . 

No 26QB is to be filed for the Seller [ Now only single one].

Try to make corrections accordingly.

@ Dhirajlal Rambhia ji. In that case property value wil be 43 lacs for each buyer which is less than 50 lacs. TDS is levied for property value more than ir equal to 50 lacs. 

TDS u/s. 194 IA  : If the value of the property is less than Rs 50 lakh, then no TDS rule will apply here. If the value of the property is more than Rs 50 lakh, then the buyer will be responsible for deducting 1% TDS from the property purchase price.

TDS is calculated on the registered agreement value (or builder-buyer-agreement amount) without GST. If there are multiple buyers, or sellers, or both, the TDS is still calculated as per the rules above. Each buyer has to individually calculate and deposit TDS on the amounts they have paid.

@ anuj suryan

You can try your technology, not deducting / depositing  TDS and wait for the results from Income Tax Dept.

Since as per your thinking the amount for each joint buyer is less than 50Lakh [so no TDS needed].

@ Ranjan. Sir, I think you did not understand my query. TDS is deposited already. My query was seller AIS is showing property value 2 times. Prop value 86lacs. 2 buyers deposited 43k tds each. In all 26qb we mentioned full value of consideration 86lacs and bifurcated amounts in amount paid/credited and Stamp duty value. Now in Seller's AIS/TIS property sold value is shown as 86lacs two times, one each under both buyer's PAN. So my question is- is it a system fault or any mistake while filling 26qb. Pleasevgo through my original question again to understand full background. Thanks

@ anuj suryan

Have the buyers downloaded the Form-16B for the TDS paid by each buyer?

What does the Form 16B show?

If Form 16B is showing the transaction correctly, then no need to worry.

AIS data entry staff many times get same data from two or three different sources and just input the same - leading to multiple entries of same data.

So the seller should check Form 26AS and verify what it is showing; double entry of 86Lakh or only single entry.

@ Ranjan 16B is correct. Showing the amount of TDS deposited by each buyer, 21500.00 in each challan making total tds equal to 86000 (i.e. 1% of total property sale amount 86 Lacs)

@ Ranjan 16B is correct. Showing the amount of TDS deposited by each buyer, 21500.00 in each challan making total tds equal to 86000 (i.e. 1% of total property sale amount 86 Lacs)

@ anuj suryan

Plz check Form 26AS of seller also for double confirmation and then do the ITR filing.

From the figures given by you, now, there is no excess TDS deposited and, therefore, nothing to be collected back from the Govt. Which is one big headache gone.

Best of luck