Tds on sale of property

" Can Mr. B cancell From 26QB as filed by him?"

Yes, He can ask for refund of TDS paid to treasury by filling Form 26B, as the transaction got cancelled.

" how to adjust the same in the books of Mr. A? "

Transaction cancelled, amount credited to Mr. C as per advise of Mr. A.

"Can Mr. A ask for refund of the TDS deducted by Mr. B and then return the refund amount to Mr. B"

NO. 

"or he should simply not claim TDS deducted by Mr. B?"

Correct Way.

"And If Mr. A claim TDS deducted by Mr. B then can we say that he will be legally bound that he sold land to Mr B, and what will be his stand before ITO?"

No need.

thanks sir for quick reply.

Most Welcome.......

Originally posted by : Dhirajlal Rambhia
	" Can Mr. B cancell From 26QB as filed by him?" Yes, He can ask for refund of TDS paid to treasury by filling Form 26B, as the transaction got cancelled.

Sir, I am confused with refund procedure. A registered deducter can claim refund in form 26B but what to do if a person is not having TAN no? 

 

In the principal rules, in Form No. 26B, at the end of the form, the following shall be inserted, namely:-

“Notes: In case of refund related to tax deducted under section 194-IA of the Act for which Form No. 26QB has been filed by the deductor,-

(a) Permanent Account Number may be furnished in place of Tax Deduction and Collection Account Number;

(b) in column II, in sub-column (5) relating to the ‘period’, may be left blank;

(c) in column II, in sub-column (7) relating to the ‘Receipt number of relevant statement’, furnish acknowledgement number of Form No. 26QB.”

From::::   [Notification No. 45/2017/F. No. 370142/39/2016-TPL]

I had raised query with TDSCPC and they answered as following 

" With regard to your query related to 26QB deal cancelled, you are requested to make corrections in form 26QB by entering "0" value in amount paid or credited field and when the correction is processed then Tax paid against this statement will be reflected in part A2 of 26AS of the buyer and the credit for the same can be claimed through ITR.

This is to inform you that the functionality for online correction of Form 26QB is now available to the deductors (buyers). The buyer can log in to

www.tdscpc.gov.in and make the online correction request in the respective fields. Following fields can be corrected through online correction.

1. PAN of Buyer Details

2. PAN of Seller Details

3. Financial Year

4. Amount Paid/Credited

5. Date of Payment/Credit

6. Date of Tax Deduction

7. Property Details "

I hope this will help to many of us.

Very much helpful....... Nice development by ITD.

Thanks for Updating.......