Tax Credits 26AS-TDS on Immovable Property Sale us 194IA. How the information will appear for TDS us 194I 26QB Statement in 26AS of buyer, SellerÂ
CPC (TDS) Advisory for Tax Credits in 26AS with respect to Tax Deducted on Sale of Immovable Property (26QB Statement)
As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller in the following manner:-
Scenario 1
If Buyer has deducted & deposited Rs.50,000/- on payment of Rs.50,00,000/-.
Seller: TDS Credit is reflected in Part A2 of the seller to the extent of 1% of amount paid/credited. This credit is available for claim in ITR by the seller .
Buyer: Total tax deposited by buyer is shown in Part F of 26AS of Buyer for information. Part F information is not available for Claim in ITR of buyer.
Scenario 2: If Buyer has deducted & deposited Rs.60,000/- on payment of Rs.50,00,000/-.
Seller: TDS Credit is reflected in Part A2 of the seller to the extent of 1% of amount paid/credited. This credit is available for claim in ITR by the seller.
Buyer: (i) Excess Tax Deposited by buyer i.e. Rs.10,000.00(Rs.60000-Rs.50000) is shown in Part A2 of 26AS of Buyer. This credit is available for claim in ITR of Buyer.
Buyer: (ii)Total tax deposited by buyer is shown in Part F of 26AS of Buyer for information. Part F information is not available for Claim in ITR of buyer.
Note: This is only for Information Purpose.
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How the information will appear for TDS us 194I 26QB Statement in 26AS of buyer, Seller Click Here >>
The buyer deducted tds in march 2018 and deposited . But the registration of the property is to done in april 2018. In which assessment year the credit will be available.
If the purchaser has deducted TDS and Paid on Purchase of Property under construction and issued the Form No. 16B to the Seller. Due to some reason the said Agreement is cancelled on or before one year from date of original Agreement, then how the buyer will get the Refund of TDS or How seller claim the Said TDS in their Return of Income because sale is not affected. What is the solution for this situation.
you can respond to CPC use below line “The amount reflected in column “Transaction amount” in part A2 of form 26AS is not an income in case of buyer”
I have received below email from TRACE
“Dear Sir/Ma’am,
Thank you for contacting us, it is our pleasure to assist you.
Your grievance has been escalated to ITR-CPC. However you are requested to provide your clarification in response of intimation u/s 143(1)(a) on e-filing portal as “the amount reflected in column “Transaction amount” in part A2 of form 26AS is not an income in case of buyer”.
Thanks for your co-operation.
Regards,
Team TDS CPC”
Have you able claim refund of TDs mentioned in A2 because i m also facing similar issue.
Hi,
I also got notice under 143(1)(a) for exactly same reason.
While checking on e-filing portal under e-proceedings, we get many different reasons as options to disagree the amount.
What response/reason would be suitable in this case?
Hi,
Did you get a answer on what needs to be done for the ITD notice, because of credit line in 26AS Paret2 due to extra tax deducted while buying a property.
Please drop a note to tracer and CPC, further no action needed from your end
ask@incometaxindia.gov.in;
contactus@tdscpc.gov.in
Hi,
Thanks for all the information. After sending mail to mentioned email ID along with Form 16B, have received below response:
Thank you for contacting us, it is our pleasure to assist you.
Your grievance has been escalated to ITR-CPC. However you are requested to provide your clarification in response of intimation u/s 143(1)(a) on e-filing portal as the amount reflected in column “Transaction amount” in part A2 of form 26AS is not an income in case of buyer.
Thanks for your co-operation.
I received same notice cause of additional payment of 50 paise. Please let me know if any one got information on this.
Did you get any answer to how what to reply the Income Tax people
Hello Deepak
I received same notice cause of additional payment of 95 paise, i spoke with traces , they said its technical error from their end. they have escalated the issue with CPC as well as IT team , the issue will get resolved and they will either close or resend query meanwhile; they said to drop mail to traces just to be on safer side.
let us know if someone has more information on this.
Hi All,
I had recieved around 20 Lacs from my father in bank account for property purchase, rest loan amount.
My property costs more than 50 lacs, I had dedcuted % TDS for 1st two transactions along with interest as i filed TDS late. Now the amount is reflecting in A2 as well as Part F of 26AS.
After filing ITR i have recieved 143(1)(a), mentioning “mismatch errors/incorrect claims/ inconsistencies which attract adjustment(s), as specified u/s. 143(1)(a) of Income Tax.”
Question 1 : What about recieving amount from father ? Do i need to disclose somewhere ?
Question 2: How to respond to notice for additional income appearing in form 26AS, since i dont have any additional income ??
TIA.
you need to execute a gift deed if money received from father and respond to CPC using the gift deed.
to answer to your 2nd question, verify your entries in form 26AS, section F and A2, you would be find additional tax paid on top of 1%TDS, it could be due to round off of TDS paid to income tax india.
Hi Deepak,
Thank you for the information shared here. Can you please let me know if you are able to get more information on where to add this information in the revised ITS form ? Do we need to file revised return or just reply to CPC 143 is enough?
Hello everyone,
So far, I did not find any resolution. I a m working in CA, hopefully I will get some update tomorrow.
I am surprised that we have very little information over google on this. the only information I got that, we need to claim this amount through revised ITR 🙂
I will keep you posted as soon as I find anything.
Thanks,
Deepak
Hi Deepak,
I am facing the same issue as all of you above. I am not able to find any solution to this. Even my CA is not able to figure this. Could you please share your solution, if any with all of us.
I have discussed couple of people who bought flat from same builder and got notice because of some access payment due to round off, they all got same notice. some of them contacted to CPC, CPC said them not to worry as these notices are sent by mistake they will correct it soon and send you revised notice or close the case.
In addition to that if you want to initiate the correction, please send an email to TRACE and CPC both attach your form 26AS, form 16 or any other relevant documents. in email make sure you are propely explaining the
…………….properly explaining the issue so it will be clear for CPC and TRACE both. TRACE needs to make correction in your form 26AS and CPC need to cancel the notice, I hope it will be helpful.
Thanks,
Deepak Singhal
please provide mail iD for CPC as well as Traces
Hi Bhushan,
below are the email ids for CPC and TRACE ask@incometaxindia.gov.in;
contactus@tdscpc.gov.in
Thanks,
Deepak
Hi, I have deducted 1% TDS for buying property but my entries are coming under section Section A2 of for 26 as instead of coming in section F. can you please suggest me how to address this issue
Hi Deepak,
Did you find out about this? I face the same problem and got a notice from CPC regarding the same.
Regards,
Abhik
Hi Abhik – not yet, but I got a chance to talk to TDSCPS call center, as per them it happen when someone pay additional amount >1% of tax, due which I create a credit line in part A2, for which we need to submit revised ITR and claim the additional tax paid. builder will be able to take benefit of 1% TDS only.
I am also working with one CA to find out where exactly we need to enter this information when filing revised ITR forma. you may send me an email on deepak.singhal@live.com incase you want to talk.
I also have the same issue due to which an error popped up while filing returns, would welcome further inputs from you.
Thanks
Vijay
Same with me. TDS 1% i paid is not reflecting in Part F and which is reflecting in PART A2 as amount 0.75 in total TDS deposited field. I got a notice from ITD please advise how to proceed
Hi Deepak,
I also got notice under 143(1)(a) for exactly same reason. However I have only paid 19 paisa extra tax that too because of rounding.
Your information is highly appreciated. Please help us know where to declare this in the IT return form.
Thanks,
Vinod
Dear Mr. Deepak,
Good day!
Could you pls share the method of claiming excess TDS through revised ITR. I have paid 2% instead of 1%.
Thanks in advance
Jagadesh
Dear Mr. Deepak and others
So long as the TDS is reflecting in A2 of the Seller who claims it and the buyer does not claim the TDS in his return (even though appearing in A2 not F), it should not bother you.
if ITD is issuing notice for a fault of their own it should be replied by indicating so.
Dear Sir,
Please let me know in which section of the ITR-1, the excess TDS can be claimed/filed by the buyer of the property.
Regards
Rakesh Mondal
Hi Rakesh,
Can you please share if you found the same on ITR-1? I have also paid extra TDS while purchasing the property and I’m not able to figure out how to get a refund of this.
Appreciate your response!
Hi Rakesh,
Same here, hope you found the place in ITR -1, coud you please share me the details of ITR-1 where we can claim?
I have got CPC – 143(1)a as well, for the mismatches…
Regards,
Kumar