I have sold my house for which the buyer has deducted TDS of Rs.80000/- in March 2023.However I will also deduct TDS OF Rs.125000/- in April 2023 on my purchase of property.Please let me know whether I can claim TDS of refund TDS of Rs 80000/- in my income tax return for the financial year 1922-23 since I have purchased the house but TDS will be recovered in April end.

Ans: Yes, you can claim a refund in your IT return after adjusting for any tax payable from any other source of income in the same financial year.

Ans: Yes, you can claim a refund of TDS done at the time of sale of property. The procedure to claim a refund is as follows:
• PAN Card of both transferor & transferee is required.
• Transferee/purchaser needs to register himself/herself in TRACES with PAN.
• On deduction of tax u/s 194IA, the deductor needs to generate 26QB online.
• Tax payment needs to be made online within due date.
• On payment of tax, 26QB needs to be filled within due date.
• On successful filling of 26QB, TDS certificate in F16B can be generated online and needs to be issued to the deductee within due dates.
• In case of any alteration, Form 26QB can be altered online at TRACES.

For the above, you require the following information:-
1. PAN of the seller
2. PAN of the buyer
3. Date of payment
4. Amount of payment
5. TDS deducted

After completion of all the above steps, the system will show a tax credit in 26AS of the deductee. The Income Tax Department will process your refund request. Once the Income Tax Department has processed your refund request, the refund will be credited to your bank account within a few weeks.

Ans: You may file ITR-U & claim your TDS.