TDS on property sale (26QB)

TDS & TCS
1

Hi,

Me and wife has paid TDS amount of 79885 (39443 x 2). i.e 1% of the property value. We registered the property on 20-02-25 and paid TDS on 22-03-25. However, on 25-02-25, we received “Short deduction Interest” of Rs.798. I thought as I have exceeded 30 days in filing TDS, they are putting some penalty and we paid the demanded amount (798 x 2). After going through the Justification Report, i understand that the short deduction interest is calculated based on the total amount we have declared (i.e 7988500). As per the Justification Report, I am yet to pay 50% of the TDS. Hence, 1% of overall TDS is charged for 1 month. When I tried to file correction, it was not fetching the challan details. (My second payment is still under processing).
Should I mention the stamp duty and amount paid as 50% of the total value of property ?
Is it possible to file correction once the processing of second payment is completed. Please help. Thank you
Account department on the seller side is of no use even though they have promised they will help in TDS filing. On their advice only, i put the total amount in the 3 columns while filing TDS!!!

2

Hello @vineeth_kumar.t

When filing Form 26QB for a jointly co-owned property, you should enter the proportionate share of the amount in both the Amount Paid/Credited and in the stamp duty. Additionally, you can file a correction return on the TRACES portal once your return is processed.

Hope this helps!

3

Thank you…
I have done it. I did a correction in 26QB by putting the paid amount to 3,994,250
Now, it is pending for approval from Seller and those guys are kind of stupid… they do not have appropriate persons to do this kind of work !! I am following up with them for the past 2 days…Lets see