Tds on transfer of property
This query is : Resolved
06 December 2017
sir thanks for your reply.....
For eg: If property is selling for Rs.60 lakhs then tds to be deducted @ 1% = Rs.60000
the seller is senior citizen & is income from other sources is less then basic limit (no other income) & tds not deducted by buyer, then how the seller need to calculate tax & pay to gov
and if seller invest upto Rs.50lakhs of consideration in gov bond then how much he need to pay.....
For eg: If property is selling for Rs.60 lakhs then tds to be deducted @ 1% = Rs.60000
the seller is senior citizen & is income from other sources is less then basic limit (no other income) & tds not deducted by buyer, then how the seller need to calculate tax & pay to gov
and if seller invest upto Rs.50lakhs of consideration in gov bond then how much he need to pay.....
06 December 2017
Buyer should have made payment less TDS. As he has not deducted TDS, the seller will fill form 26QB online on NSDL website and after filling up the form correctly, submit it online an acknowledgment cum challan will be generated. Payment of TDS may be made through net banking or manually through bank counter.
06 December 2017
1.Registering authority ( sub-registrar) will not execute the document unless proof of
1% tax payment (Form 26QB) is produced before him.
2. More details required to calculate the tax liability of seller.
1% tax payment (Form 26QB) is produced before him.
2. More details required to calculate the tax liability of seller.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
