TDS On Property - Income Tax Notice

Last year I (and my wife - She is joint owner in registry Papers) purchased a property for 3.22 Crore for which I have paid fully (Including Home Loan). I deducted 1% TDS and deposited the same, which is fully disclosed in my IT Return.  As property is registered as joint owner, the transaction is showing in her 26AS.

My wife has got a notice for ITR Mismatch for high value transaction. on IT Site there is option only to accept or reject but no option to give an explanation.

What I should do now?

 

 

Replies (2)
Quick Summary
A joint property owner received an Income Tax notice for a high-value transaction mismatch, even though TDS was deducted and deposited. The IT portal only offers 'accept' or 'reject' options, lacking a way to provide explanations. The notice likely arose because the wife's name appears as a joint owner, leading the system to assume investment based on ownership rather than actual payment. The recommended action is to disagree with the notice, as no tax, penalty, or revised return should be required if TDS was correctly declared and deposited.

  • Notice issued because wife’s name appears as joint owner in registry

  • System assumes investment based on ownership, not payment

  • Correct response: Disagree

  • No tax, penalty, or revised return required

  • Keep documents ready only if clarification is sought

  • Issue usually closes automatically after disagreement

Extension is not included here. Any expansion is not vety much necessity. But, I declared.

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