TDS u/s 194 IA - Practical Queries
This query is : Resolved
01 September 2023
Please help with my queries regarding TDS u/s 194IA on purchase of property
1. first payment made on 1st January (booking amount), then 2nd payment made on 8th january (allotment amount), builder buyer agreement is executed on 15th January, in this case what would be date of agreement/booking to be filled in form 26QB.
2. property purchased by husband and wife (both working), but whole payment is made by the husband to the builder, in this case, TDS compliance is on both or only husband?
3. in case both needs to pay the tds then in form 26QB, in total value of consideration, 1 CR to be filled for each or 2 CR each? i think it should be 1Cr (their share) but still double checking as total value of property is 2 CR.
1. first payment made on 1st January (booking amount), then 2nd payment made on 8th january (allotment amount), builder buyer agreement is executed on 15th January, in this case what would be date of agreement/booking to be filled in form 26QB.
2. property purchased by husband and wife (both working), but whole payment is made by the husband to the builder, in this case, TDS compliance is on both or only husband?
3. in case both needs to pay the tds then in form 26QB, in total value of consideration, 1 CR to be filled for each or 2 CR each? i think it should be 1Cr (their share) but still double checking as total value of property is 2 CR.
01 September 2023
1 15th January, in this case would be date of agreement/booking to be filled in form 26QB.
2 On both.
3 1 crore to be filled for each value of payment. For value of the property fill 2 crore.
2 On both.
3 1 crore to be filled for each value of payment. For value of the property fill 2 crore.
04 September 2023
1 - then what should i mention while making the first payment on 1st January? i mean first payment made to the builder for booking/allotment, till this time builder does not provide any agreement
2. I am of the opinion that since 100% payment made by the husband so he is the actual benefical owner and wife's name is just for the sake of it. and hence TDS liability is only on husband - full amount. clubbing provisions will also apply here - do you agree with this?
3. yes, even i am of the same opinion, thanks
2. I am of the opinion that since 100% payment made by the husband so he is the actual benefical owner and wife's name is just for the sake of it. and hence TDS liability is only on husband - full amount. clubbing provisions will also apply here - do you agree with this?
3. yes, even i am of the same opinion, thanks
04 September 2023
No, I don't agree TDS has to be deducted on both claim refund in case of wife's TDS.
Only rental income is clubbed.
Otherwise your wife is co owner of the property.
Only rental income is clubbed.
Otherwise your wife is co owner of the property.
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