Errors in lTDS FORM 26 QB FILING FOR Last instalment payment FOR HOUSE PROPERTY PURCHASE
This query is : Resolved
18 December 2024
SIR THE DETAILS OF MY QUERY AS FOLLOWS
PROPERTY PURCHASE IN 2022. TWO BUYERS AND TWO SELLERS
SELLERS PROPORTION 58 % AND 42 % RESPECTIVELY
CONSIDERING TWO BUYERS VALUE OF CONSIDERATION IE AGREEMENT VALUE SPLIT EQUALLY BETWEEN TWO BUYERS
STAMP DUTY VALUE SPLIT CONSIDERING TWO BUYERS AND TWO SELLERS.
STAMP DUTY TAKEN AS EQUAL TO AGREEMENT VALUE
THIS IS LAST INSTALLMENT
STAMP DUTY VALUE OF PROPERTY NOT MORE THAN VALUE OF CONSIDERATION
TWO FORM 26 QB BEING FILLED FOR EACH BUYER
FORM 26 QB FOR ONE BUYER AND ONE SELLER ISSUE BEING ENCOUNTERED AS FOLLOWS
CONSIDERATION VALUE RS 5000000
AMOUNT PAID TILL DATE RS 2300000
LAST INSTALLMENT RS 200000
STAMP DUTY VALUE OF PROPERTY RS 2500000
THE AMOUNT ON WHICH TDS IS TO BE PAID IS BEING DISPLAYED AS 250000
TDS TO BE PAID NOW ON LAST INSTALLMENT IS RS 2000
SUBMITTING THE FORM 26 QB WITH ABOVE DETAILS WILL RESULT IN ADDITIONAL TDS DEMAND AS AMOUNT ON WHICH TDS TO BE PAID IS BEING SHOWN AS 2500000.
KINDLY GUIDE TO FILL THE FORM 26 QB CORRECTLY PLEASE
PROPERTY PURCHASE IN 2022. TWO BUYERS AND TWO SELLERS
SELLERS PROPORTION 58 % AND 42 % RESPECTIVELY
CONSIDERING TWO BUYERS VALUE OF CONSIDERATION IE AGREEMENT VALUE SPLIT EQUALLY BETWEEN TWO BUYERS
STAMP DUTY VALUE SPLIT CONSIDERING TWO BUYERS AND TWO SELLERS.
STAMP DUTY TAKEN AS EQUAL TO AGREEMENT VALUE
THIS IS LAST INSTALLMENT
STAMP DUTY VALUE OF PROPERTY NOT MORE THAN VALUE OF CONSIDERATION
TWO FORM 26 QB BEING FILLED FOR EACH BUYER
FORM 26 QB FOR ONE BUYER AND ONE SELLER ISSUE BEING ENCOUNTERED AS FOLLOWS
CONSIDERATION VALUE RS 5000000
AMOUNT PAID TILL DATE RS 2300000
LAST INSTALLMENT RS 200000
STAMP DUTY VALUE OF PROPERTY RS 2500000
THE AMOUNT ON WHICH TDS IS TO BE PAID IS BEING DISPLAYED AS 250000
TDS TO BE PAID NOW ON LAST INSTALLMENT IS RS 2000
SUBMITTING THE FORM 26 QB WITH ABOVE DETAILS WILL RESULT IN ADDITIONAL TDS DEMAND AS AMOUNT ON WHICH TDS TO BE PAID IS BEING SHOWN AS 2500000.
KINDLY GUIDE TO FILL THE FORM 26 QB CORRECTLY PLEASE
18 December 2024
Try as follows...
CONSIDERATION VALUE RS 2500000
AMOUNT PAID TILL DATE RS 2300000
LAST INSTALLMENT RS 200000
STAMP DUTY VALUE OF PROPERTY RS 200000
If the problem doesn't resolve, contact helpline & report the issue.
CONSIDERATION VALUE RS 2500000
AMOUNT PAID TILL DATE RS 2300000
LAST INSTALLMENT RS 200000
STAMP DUTY VALUE OF PROPERTY RS 200000
If the problem doesn't resolve, contact helpline & report the issue.
18 December 2024
sir thanks so much for your valuable input. Deeply appreciate your prompt response. There is a error message in red which appears on doing this
Difference between total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ and ‘Stamp Duty Value (C)’ is more than 20%
is this acceptable or not. Can i go ahead and submit the Form 26 QB . kindly indicate ill accordingly register a grievance..
Difference between total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ and ‘Stamp Duty Value (C)’ is more than 20%
is this acceptable or not. Can i go ahead and submit the Form 26 QB . kindly indicate ill accordingly register a grievance..
18 December 2024
Check with the stamp duty value change, if the value of tax varies accordingly, then the set up as stated above is correct.
Example: by changing SD value as 25 lakhs if Tax changes to 25 thousand, then change it back otherwise let it be 25L.
Good luck.
Example: by changing SD value as 25 lakhs if Tax changes to 25 thousand, then change it back otherwise let it be 25L.
Good luck.
19 December 2024
thanks once again for prompt reply. Much appreciated. Sir tried the same. But the value of TDS to be deducted continues to be calculated by the APP on the basis of Installments paid till date and Amount being paid in current installment. So actually there is no consideration of all TDS paid till date on earlier installments. Progressing this way there will be a double payment. The only way is to reduce amount paid till date . Will that be ok?
19 December 2024
I had asked to check only for variation is stamp duty value, not other figures. All other three data are correct as suggested. As there is change in form recently, I wanted to check if by changing stamp duty value (in your case from 2L to 25L) whether tax liability also changes?
19 December 2024
Sorry sir . sir there is no change in the tax liability with change in value of stamp duty .
The higher value ie sum of total amount paid so far and current installment being considered
The higher value ie sum of total amount paid so far and current installment being considered
19 December 2024
So finally go ahead as follows:
CONSIDERATION VALUE RS 2500000
AMOUNT PAID TILL DATE RS 2300000
LAST INSTALLMENT RS 200000
STAMP DUTY VALUE OF PROPERTY RS 2500000
Tax payable Rs. 2,000/-
Good luck...
CONSIDERATION VALUE RS 2500000
AMOUNT PAID TILL DATE RS 2300000
LAST INSTALLMENT RS 200000
STAMP DUTY VALUE OF PROPERTY RS 2500000
Tax payable Rs. 2,000/-
Good luck...
20 December 2024
Thank You Sir for your guidance. Could filling up Form 26QB as above lead to message of Short deduction and additional demand as the amount on which TDS is to be deducted automatically appears as 2500000 in the Form and is un-editable
20 December 2024
As I had asked earlier, if the TDS amount changes by changing the SD value, then don't change & let it be Rs. 2 lakhs only, if that changes the TDS value back to Rs. 2,000/-
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