TDS sale on property form 26QB

TDS 301 views 3 replies

Hi All,

I have a query, mistakenly while purchasing a property what if the purchaser pays the complete TDS in the name of only one selle (son). And there are 2 sellers (mother and son). They both file ITR. Mother is home maker and son is working. Will they face any negative impact in future.

Replies (3)
It depends upon how income from sale of property shown
Mother might Lose the Benefit of Basic Exemption Limit of 2.5 or 3 lakhs.. So better if Half of the Sale Income is assessed in Mother hands.. and Half in the Sons Hands.. as both can Benefit from the Basic Exemption Limit of 2.5 Lakhs...
if the total income is assessed in your Hand you will fall in Higher Tax Bracket..

If you file the ITR of your Mother and claim the TDS amount in her ITR which is not reflecting in 26AS of your Mother.. it will mismatch and you will get a notice for Mismatch of TDS...
and if you file considering Total Income & Total TDS in your ITR... it will lead to Tax at Higher Rates...

TDS Return can be revised by the Purchaser..
Login on the TRACES Website as a taxpayer
Select option “Online Correction” under “26QB” tab to initiate correction request
Update the details which are required to be revised
Select the option to verify the request either through Netbanking/ Digital Signature/AO Approval
The form would be revised post verification.

@ atif, I don’t think we can we make the change in amount of TDS once it’s is filled and submitted online. 


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