TDS on Property
I bought property in last fiscal year. While buying property loan which I took and money which I paid to seller is against my name only. My wife's name is on agreement however she is not working and hasn't paid any money. Bank loan is only against my name.
My part payment registration happened in March 2015 till that time I had paid 20% to seller, rest of money I paid to seller (loan amount) in April and May respectively. Basis part payment registration, my seller showed income in March 2015 and filled ITR.
Now only I have got notice from TRECES to file TDS. I am paying TDS as per my payment to seller, that is for 20% amount in March 2015 and for rest of amount in April 2015 and May 2015.
My seller would he be able to file revised ITR for last year and ask for 20% of TDS amount iand will he be able to filr 80% TDS amount in this fiscal?
Also is there way that penalty would get waived off by assessment office?
Your seller can file revise ITR.
You have to deposit the TDS along with interest on 20% and 80% part appropiately.
After your deposition of TDS the seller should have to revise its ITR and if he didnt then he will surely got the notice from Income Tax Department.
Hope you got the answer of your query.
CA Ashish Kumar Nagayach