• Buyer has not deposited the 1% TDS yet after 1 year of sale of property

Hi sir

I had sold a property in Bangalore on 21st July 2017 . the buyer deducted the 1 percent TDS and gave me the tax Challan of the 1 percent...however I have noticed recently that the buyer has not deposited the 1 percent TDS yet as informed to me by my CA as I was filing for returns and wanted to claim the credit of the amount...the buyer is not aware and I have informed her on the same but to no avail..wanted to check how do I get the credit of 1 percent since it is my money...plus is the tax Challan enough to claim credit or does the buyer have to deposit to reflect in my form 26 AS..currently it is not reflecting. 
Please advise. Thanks
Asked 5 years ago in Property Tax

Dear Sir,

- If she is showing challan it means that the buyer has deducted and deposited it in you account. Is it Form 26QB which is challan cum statement and needs to filed simultaneously. If she has not deposited till date, you have two options- First ask the buyer to deposit it on urgent basis and file the belated return but ensure that no losses should be there, Secondly file the ITR now and revise it at later date which is better option than first one.

- Please share the copy of challan.

Thanks

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

Dear Sir,

It might be possible that the buyer whom you are referring might have entered your PAN incorrectly while filing Form26QB. There is an option to revise Form 26QB, once the Form is revised after mentioning your correct PAN, TDS will be reflected in your 26AS.

Praneeth Thunuguntla
CA, Guntur
56 Answers
1 Consultation

Not rated

Hi,

As per Income tax,1961 the tax 'paid" challan is a sufficient proof to claim credit of the tax paid by the payer.

However before claiming you need to check whether the challan is for the amount paid or is it only a generated challan for which the payment is pending.

Also you need to check the PAN against which the buyer has filed the return. In case of wrong PAN the credit might not be reflected in your A/c and revised return from buyer's side needs to be filed.

A confirmation from buyer would also be helpful in addition to challan that she has deposited tax against your PAN.

Hope this resolves your queries!

Siddhant Shah
CA, Mumbai
120 Answers
1 Consultation

5.0 on 5.0

Hi,

The challan is a sufficient proof to claim credit of the tax paid by the payer.

However please ensure that the amount has been deposited by the buyer and also the PAN number used is correct.

Hope this clarifies.

Regards,

Nikhil

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Hi

If the buyer has not deposited the TDS, how come he gave you the tax payment challan.

For claiming such TDS, the buyer needs to file Form 26QB. Once 26QB is filed, you will get the credit.

Since this may take time, I would advise you to file the return first in due time. Once such credit is reflected in your 26AS, you can revise the return.

Lakshita Bhandari
CA, Mumbai
5687 Answers
908 Consultations

5.0 on 5.0

Hi,

Hope you are doing well !

The tax challan is a sufficient proof to claim credit of the tax paid by payer.

You just need to check that the PAN no. is correctly mentioned in that challan against which the buyer has filed the return.

Thanks & Regards,

Payal Chhajed

Payal Chhajed
CA, Mumbai
5188 Answers
288 Consultations

5.0 on 5.0

Hi,

If you have got the TDS challan from the buyer, it means that the TDS has been filed by the buyer. IT should reflect in your 26AS.

If its not reflecting in Form 26 AS, you can file the return without showing it and then revise your return once this issue get sorted.

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

Hi,

Once buyer will file Form 26QB,it will get reflected in your 26AS. may be your PAN is not correct in her database so its not reflecting.

You can claim the credit with tax challan.

Swati Agrawal
CA, Mumbai
1146 Answers
7 Consultations

5.0 on 5.0

Buyer has to deduct & deposit the TDS and after reflecting in Form 26AS you can easily claim the TDS but not reflecting in the 26AS ask buyer to do needful in this matter. if challan is proper then fill the detail in iTR manually & try to file ITR

Nitin Jain
CA, Jaipur
214 Answers

4.7 on 5.0

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