Tds liability on sale of property
This query is : Resolved
13 November 2013
SIR,
X is is buyer of property of involving sale consideration of Rs.89 Lakhs. There are 3 sellers having equal share.
Query
1. whether X is liable to deduct TDS?
2. If yes will he file 3 26QB seperatly for each seller as in form 26QB details of one seller can be filled?
Kindly resolve the issue.
X is is buyer of property of involving sale consideration of Rs.89 Lakhs. There are 3 sellers having equal share.
Query
1. whether X is liable to deduct TDS?
2. If yes will he file 3 26QB seperatly for each seller as in form 26QB details of one seller can be filled?
Kindly resolve the issue.
13 November 2013
TDS is to be deducted by the buyer irrespective of no. of sellers in transaction. He has to deduct the TDS on respective share of sellers in the property and yes three separate forms(26QB)to be filed.
13 November 2013
agreed with Shubneet.
"Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares."
https://www.tin-nsdl.com/TDS/TDS-FAQ.php
"Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares."
https://www.tin-nsdl.com/TDS/TDS-FAQ.php
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