Reversal of TDS on property purchase

As the amount is more than 1Cr, so TDS rate would be 23.92% and TDS would be 28.70 lacs.

1. Before deduction of TDS, apply for TAN (Tax deduction account no.) and after obtaining TAN, deposit the TDS with the govt. through challan no. 281. After deposit of TDS, file the TDS return in Form no. 27Q. 

2. Yes. You have to apply for the refund but it is a time-consuming process.

Check if seller is eligible to obtain NIL or lower TDS certificate. In such case your liability will reduce.

For detailed discussion, please take phone consultation.

Hi

As per our conversation, hope the question is well resolved.

Are you sure TDS amount is 24 lakh?

Is your seller ready for this?

You need to first apply TAN for same.

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Thank you.