• TCS return

We purchased property with transaction amount of 63 lakhs and tcs 1% in 63000 is deposited to govt. in the name of my father. the property registered in 3 names me,my wife and father. 
the question is now that my father has received Rs.21000 in lieu of tcs return. Rest 42000 will be receivable or not if yes then how?
Asked 2 months ago in Income Tax from Bangalore, Karnataka

Sir your question is not clear, because in case of property buyer has to deduct TDS from the payment and have to deposit in the name & PAN  of seller.

 

Vishal Khandelwal
CA, JAIPUR
14 Answers

Not rated

Sir you are not understanding,

How you can collect the TCS when there is no provision

please share the form name and form which you filed so that we can understand it, you can share the form on mail id or other details

Vishal Khandelwal
CA, JAIPUR
14 Answers

Not rated

First of all why was TCS collected on purchase of land?

TDS is required to be deducted by purchaser from the seller at the time of purchase @1%.

If the TCS has been paid properly to government if would reflect in your and your wives 26AS and you can claim it by filing your ITR.

I think you are mistaken by TDS and TDS is to be claimed by seller and if you have not deducted TDS then there is a problem.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

Naman Maloo
CA, Jaipur
1204 Answers
11 Consultations

5.0 on 5.0

Hi

TDS to be  deducted on property purchase transaction.No tcs is to be deducted.

Since there are three owner ,deduction to be done on all PAN in ratio of there ownership.

It will be reflected in 26AS of all owner.

 

Hope it helps.

Swati Agrawal
CA, Indore
962 Answers
3 Consultations

5.0 on 5.0

Dear Sir,

 

Hope you are doing well !!

 

Anyone buying real estate worth more than Rs 50 lakh has to deduct 1% of the price of the property before paying the seller. That 1% TDS has to be deposited with the tax department using Form 26QB.


There is no provision of TCS collection on property purchase.

 

 

Thanks & Regards,

Payal Chhajed

 

 

Payal Chhajed
CA, Mumbai
1893 Answers
14 Consultations

5.0 on 5.0

Hi,

- It is not TCS but TDS which was deducted and deposited by you, credit of which will be available to the seller and not to the purchaser. It is the responsibility of the purchaser to deduct TDS. You need to file return cum challam statement in Form 26QB.

 

Thanks

Vivek Kumar Arora
CA, Delhi
2270 Answers
100 Consultations

5.0 on 5.0

Hi,

 

The payment is reflected on the seller’s Form 26AS.

 

Please check the same with Form 26AS.

Payal Chhajed
CA, Mumbai
1893 Answers
14 Consultations

5.0 on 5.0

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