• 1% TDS on property sale

Hi Sir,

I am selling my Bangalore apartment with the registration on 21st July .
My query is regarding the documents i need to collect with respect to the 1% TDS deducted on the total sale consideration value to claim refund when i file my returns next year.

The total sale value is 89 L and the buyer has paid me 17.11 Lakhs and has sent me a TDS challan which has a challan serial number mentioned. The balance TDS will be deducted on the date of registration that is 21st July

My queries are the following
1) What are the TDS documents that the buyer needs to submit to me for me to claim a refund next year while filing my returns?
2) Since the final TDS would be deducted on the date of registration , is there a deadline before which the buyer has to submit those documents / certificates to me post the registration is done?
3) Currently , the buyer will give me the TDS challans for the payments made before the registration is done. So are the challans enough? or should i be asking for more documenation before i get the registration done?

My concern is that i dont want to be running behind the buyer for the TDS documentation/ Certificates for me after the registration is done so would want to align with the buyer on any certificates with respect to the TDS before the registration is complete.

Thanks
Asked 8 years ago in Income Tax

Hi,

1. Buyer has to submit you TDS certificate. However, you can claim TDS without certificate also if buyer has deposited it and it's showing in your 26AS.

2. Generally after 15-20 days of filing TDS return.

3. I think challan is sufficient proof.

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

Hii

The buyer have to provide form 16B for TDS , this TDS automatically reflact in your 26AS form

Actually form 26 QB is filled for TDS on Property sale which is a challan come Return form after submitting this form with in a week buyer can download Form 16B from TDS department website

This 16 B is valid document for claiming TDS same as in Salary form 16 and in other cases 16A

Thus plz collect form 16B from him and check details belongs to you carefully

Such as your PAN , TDS amount , sales values , AY

Hope your query resolve know

Lalit Bansal
CA, Delhi
776 Answers
61 Consultations

Hello,

1. He has to issue you a TDS certificate.

2. No deadline as such.

3. Ask for the tds certificate.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

Hi,

The buyer has to issue a TDS certificate to you. It will be generated after the 1% tax is deposited by him.

There is no such deadline for the buyer to give you the documents.

Apart from the challan you will require the TDS certificate.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
27 Consultations

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