TDS intimation for sale / purchase of property

Discussion in 'Income Tax' started by Mahesh Padwal, May 4, 2016.

  1. Mahesh Padwal

    Mahesh Padwal New Member

    Dear Sir / Madam,

    I have query on TDS intimation for sale / purchase of property.

    I have purchased flat in 2014 and final agreement is registered on 19th April 2014. At that time, I and previous owner of flat did not know the TDS rule that buyer need to deduct 1% of agreement value and deposit as TDS for sale / purchase of property so I have made full payment to previous owner without deducting 1% TDS.

    In last month, I have received email from TDS Dept. about 26QB Statement not yet filed for Purchase of Property during FY 2014-15 as I have not deposited 1% TDS.

    As I and previous owner submitted Income Tax return for FY 2014 – 15 and we both received 143(1) intimation. Now we want to pay TDS with penalty but the previous owner is not able to take benefit of this as he already received 143(1) for FY 14-15 and he is not able to revise his income tax return because as per rule he can revise return within 1 year.

    Please suggest any way to get benefit of 1% TDS which we are going to pay now.

    Mahesh
     
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