TDS in Sale of Property

Hi, I purchased a property for 60 lacs. However, I mistakenly put 50 lacs are sale consideration and made 1% TDS on lumpsum basis.

Can I file a new 26 QB for the balance amount. And what payment type should I select- Lumpsum or installment, for the balance payment.

 

 

Replies (3)
Quick Summary
This discussion addresses common issues with TDS on property sales, specifically concerning errors in Form 26QB. It explores the possibility of filing a new form for the balance amount or correcting the existing one, especially when the seller's PAN is inoperative. The advice covers selecting the correct payment type (lumpsum vs. installment) and navigating the process of rectifying incorrect sale consideration to avoid default notices and penalties.

You can apply for correction of form 26qb . please pm if you need help in doing it.

Hi, thank you for your reply.

Seller PAN is inoperative and I received a default notice to pay TDS @ 20%. Will it be possible to correct the Consideration. 
 

Or should i do balance payment under a separate 26qb

Tds on sale of property 45 lacs anf above, fill up the correction form and file returns.

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