Builder got Bankrupt and new builder not considering TDS paid amt 65k

798 votes

Hello Sir/Mam There are several legal remedies to deal with it . Rest depends on matter Feel free to contact over phone call or whats app for further assistance. Thank you Regards Advocate Kuber Hooda

Advocate Kuber Hooda LawRato

636 votes

Legal Reply: Based on your query, you purchased a property from Ashiana Landcraft in 2019 and deducted ₹65,000 as TDS (Tax Deducted at Source) on the payment made. Later, since Ashiana went bankrupt, the project was taken over by County Group. However, while settling the balance payment with County Group, they are not recognizing the ₹65,000 TDS already deposited, as Ashiana did not declare it. Here is the legal position and remedy: 1. TDS Credit Is Purchaser’s Right (As per Income Tax Act, Section 194-IA): When you deduct TDS and deposit it with the government (via Form 26QB), it becomes part of the consideration paid to the seller. You must have received Form 16B (TDS certificate) as proof of TDS payment. 2. Legal Remedy: You may proceed as follows: (a) Legal Notice to County Group: Issue a legal notice to County Group stating that ₹65,000 was already paid to Ashiana Landcraft by way of TDS and supported by Form 26QB and Form 16B. Demand adjustment of this amount from the remaining payment. (b) File Consumer Complaint: If County Group fails to adjust this despite proof, you can file a Consumer Complaint before the District Consumer Forum for: Deficiency in Service Unfair Trade Practice Compensation and interest for mental harassment and financial loss. (c) Insolvency Proceedings (if needed): If Ashiana is under insolvency (IBC), you may file a claim with IRP/RP or the adjudicating authority under the IBC for acknowledgment of the TDS payment made. Documents Required: Payment receipts to Ashiana. Copy of Form 26QB (TDS deposit). Form 16B (TDS certificate). Sale agreement with Ashiana. Handover letter or authority letter from County Group. Adv. Mahinder Singh Mavi

Advocate Mahinder Singh LawRato