1. We had buy a property and deducted tds as per income-tax law, now we are trying to file 26QB but an error is coming on sellers page detail user id is invalid (detail behind error is the sellers had not registered their pan with income-tax site) ...... now the sellers are also out of touch. What to do in this situation ? pls suggest 2. My another query about 26QB is we are the 3 Buyers 60%+20%+20% and property buy with value Rs.2CR and 4 Sellers 30%+30%20%+20%, kindly also suggest what amount should we fill in every 26QB at Total Value of Consideration (Property Value)
06 July 2024
In the situations you described regarding filing Form 26QB for TDS on property transactions, here are the recommended steps:
Situation 1: Seller’s PAN Not Registered
1. Seller’s PAN Not Registered: • If the seller’s PAN is not registered on the Income Tax website, you will encounter difficulties in filing Form 26QB because it requires the seller’s PAN details to be validated. • Contact the seller(s) and inform them about the issue. Request them to register their PAN on the Income Tax e-filing portal if they haven’t already. • If you are unable to contact the seller(s) and they are unresponsive, you may face challenges in completing the compliance requirement.
Situation 2: Multiple Buyers and Sellers
2. Multiple Buyers and Sellers: • When there are multiple buyers and sellers involved in a property transaction, the consideration amount should be split according to the percentage ownership. • Ensure that each buyer files their respective Form 26QB with the correct percentage share of the total consideration.
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