• Things to do after cancellation of under-construction property

Dear CA,

I Recently booked an under construction property in Uttar Pradesh. As of now I just paid only booking amount to the builder. I have also deposited the TDS (1%) against this installment to income tax department.
Now due to some reason, I have decided to cancel this booking. 
How will I inform to income tax department about my cancellation? As income tax department will expect me to deposit TDS against remaining installment which is not the case now. Also, what are other paper work should I do to keep my self-clean from this property.
Any help will be greatly appreciated.

Thanks,
Ahmad
Asked 6 years ago in Property Tax

Hello,

Ask a professional to revise your TDS return and transfer the TDS credit which you had given to the builder to your name and claim a refund of it while filing the returns. That will help you get your TDS money back and also the hassle of replying the department against a future notice.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LLB

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
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