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, Seller

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• 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.

  • 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.

  • you need to execute a gift deed if money received from father and respond to CPC using the gift deed.

• 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

        • Hi Bhushan,

          below are the email ids for CPC and TRACE ask@incometaxindia.gov.in;
          contactus@tdscpc.gov.in

          Thanks,
          Deepak

        • please provide mail iD for CPC as well as Traces

        • ................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