While deducting TDS on property purchase? is there any tds implication on rebate given by seller for early payment

TDS & TCS
1

I am paying the last installment on the property. While filing 26QB,
Total value of property (A) = 8.41 Crore
Total Amount TDS deducted (3) = 8.35 Cr. (incl. this instalment)

The difference in both

  1. Rs. 36000 - Registration charges
  2. Remaining amount - Rebate given by seller on early payment

My question:-

  1. Can we change total value of property? As per cost sheet this is the value and in previous instalments reported this total value. Could changing this create issue?

  2. Is there any issue having difference between A & B

  3. Is there TDS implication on rebate received?

2

Hello @Aarti_Saraf ,

If you want to file the form 26QB (of final installment) for the net value of ₹8.35 crore, then you also need to correct the forms filed previously for the earlier installments. For this you can click on the link here.

As per my understanding, if you only change the property value, then you will need a seller’s approval. In some cases, the correction request may also require the AO’s approval.

1 Like
4

No, TDS is deducted from the total sale consideration. Any rebate or discount offered for early payment doesn’t affect the TDS amount to be deducted.