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TDS in Sale of Property

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24 Points Posted on 22 December 2023

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.

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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.