You did not provide a PAN for FD? You cannot apply for TDS credit now

By Chirag Nangia

My mother is a senior and has not submitted a PAN to the bank and income tax has been deducted from her FD for the past three years. How do I get Form 26 AS or Form 16 for FD tax deductions?

The bank is liable for withholding tax on interest received on term deposits. Subsequently, the bank is required to file a TDS return, in which it is required to report the tax deducted from the beneficiary’s PAN. This information received by the tax service is reflected in the deductible form 26AS, allowing it to claim the credit of this tax on its final tax payable, at the time of filing the income tax return. Since you had not provided a PAN to the bank in the past 3 years, the TDS statements produced by the bank would have indicated “PAN not available”. Therefore, the tax so deducted will not be reflected in your Form 26AS and it will not be possible to claim the TDS credit.
Even if you provide the PAN now and the bank revises its TDS statement to reflect the tax deduction on your mother’s PAN, you cannot apply for credit because the TDS credit expires if it is not claimed when filing. of the revised return / return for the relevant tax year, the deadline for which has expired in your case. However, now the 26AS form can be downloaded by clicking on “view 26AS form” under the “electronic file” tab of the electronic income tax filing portal. Form 16 is a TDS certificate that the bank is required to provide to the payee after successfully filing TDS with the government.

I bought an apartment two years ago. If I sell it and buy a new apartment, can I benefit from stamp duty?
—Prasanna Sali

Assuming that you hold the property for a period longer than 24 months, the capital gain on disposal is classified as long-term capital gain (LTCG). For the calculation of the LTCG, the indexed acquisition cost, the indexed improvement cost and the expenses (incurred in full and exclusively within the framework of the sale) are deducted from the proceeds of the sale. The LTCG thus calculated is taxed at the rate of 20%.

There are no provisions for the grant of stamp duty payable at the time of the purchase of another residential property, at the time of the sale of one. However, capital gains are exempt from tax if you buy another home within one year or two years from the date of transfer. In the event of construction, the period is three years.

The writer is director, Nangia Andersen India. Send your questions to [email protected]

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